The government is looking into the legality of transferring unclaimed funds of the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who stake claims later, according to a recent Economic Times news report.
The fund has come under scrutiny following the death of Sahara Group founder Subrata Roy last week, as there have been claimants for the money in this fund since it was launched.
A Securities and Exchange Board of India (Sebi) ruling, which directed Sahara India Real Estate Corp and Sahara Housing Investment Corp to reimburse investors with interest and deposit the money with the capital markets regulator, was affirmed by the Supreme Court in 2012.
The Supreme Court stipulated that the government would receive the funds received from subscribers in the event that Sebi is unable to track down their locations, stated the ET news report. “If, after the verification of details furnished, (Sebi) is unable to find out the whereabouts of all or any of the subscribers, then the amount collected from such subscribers will be appropriated to the government of India,” the Supreme Court had said.After disbursing Rs 138 crore to 17,526 applicants involving 48,326 accounts, the total amount recovered from the group and deposited in the state-run banks stood at Rs 25,163 crore as of March 31 of this year, stated ET.Sahara refund: How much money will Sahara depositors get as first payment?
“The dedicated refund account under Sebi has barely seen claimants coming forward 11 years after the judgement,” a government official told the Economic Times.
The Union Home Minister and Minister of Cooperation, Amit Shah launched the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal on July 18, 2023. According to Amit Shah, the first payment of up to Rs10,000 would be made through this portal to 1 crore investors who have deposited Rs 10,000 or more. Shah stated that all four societies’ complete data is available online for application on this portal. The genuine and legitimate Depositors of following four Sahara Societies are eligible for refund through the CRCS Sahara Refund Portal: a. Humara India Credit Cooperative Society Limited, Kolkata. b. Sahara Credit Cooperative Society Limited, Lucknow. c. Saharayan Universal Multipurpose Society Limited, Bhopal. d. Stars Multipurpose Cooperative Society Limited, Hyderabad.
According to the Office of Chief Controller of Accounts website, All revenues received by the Government by way of taxes like Income Tax, Central Excise, Customs and other receipts flowing to the Government in connection with the conduct of Government business i.e. Non-Tax Revenues are credited into the Consolidated Fund constituted under Article 266 (1) of the Constitution of India. Similarly, all loans raised by the Government by issue of Public notifications, treasury bills (internal debt) and loans obtained from foreign governments and international institutions (external debt) are credited into this fund. All expenditure of the government is incurred from this fund and no amount can be withdrawn from the Fund without authorization from the Parliament.
Sahara Refund Portal: Step-by-step guide for Sahara group depositors to claim refund
Important Faqs on Sahara refund portal
1) What is CRCS Sahara Refund Portal?
The CRCS Sahara Refund Portal is an online platform designed for processing
refunds of depositors of four Sahara Group Co-operative Societies as per the
Hon’ble Supreme Court directive dated 29th March 2023.
2) Who are eligible for refund through the CRCS Sahara Refund Portal?
The genuine and legitimate Depositors of following four Sahara Societies are
eligible for refund through the CRCS Sahara Refund Portal:
a. Humara India Credit Cooperative Society Limited, Kolkata.
b. Sahara Credit Cooperative Society Limited, Lucknow.
c. Saharayan Universal Multipurpose Society Limited, Bhopal.
d. Stars Multipurpose Cooperative Society Limited, Hyderabad.
3) What details does a Depositor need to provide with the Claim Request form/ Application?
The Depositor should have:
a. Membership no.
b. Deposit Account no.
c. Aadhaar linked Mobile no. (Mandatory)
d. Deposit certificates/ Passbook
e. PAN card (if claim amount is Rs. 50,000/- and above) (Mandatory).
