After years of waiting, investors have started reclaiming their money entangled in Sahara Group. To streamline this process, the government launched a dedicated portal in July. This platform simplifies the money recovery procedure, allowing individuals to register and retrieve their funds. Since its inception, hundreds of thousands have already applied through this portal.
On August 4, 2023, the first phase of the initiative saw the government transferring Rs 10,000 to the accounts of 112 investors, marking a significant step towards resolving the long-standing issue.
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Trapped funds: A whopping Rs 1.12 trillion
Investors who had invested in Sahara‘s four societies: Sahara Credit Cooperative Society Limited in Lucknow, Hamara India Credit Cooperative Society Limited in Kolkata, Saharayan Universal Multipurpose Society Limited in Bhopal, and Stars Multipurpose Cooperative Society Limited in Hyderabad, have the opportunity to claim their funds through the portal. The staggering sum of Rs 1.12 trillion had been invested by a total of 2.5 crore individuals in Sahara Group. The government now urges investors to leverage the portal and retrieve their funds that have remained inaccessible for years.
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Over 20 lakh registrations and refunds underway:
Launched on July 18, 2023, the government’s exclusive portal has garnered over 20 lakh online registrations from eager investors looking to reclaim their money from Sahara Group. The first phase has already seen a sum of Rs 11,20,000 being refunded to 112 investors. The release of the second installment is imminent, followed by the third in September.
Are you eligible? Essential documents for registration:
To embark on this journey of fund reclamation, you’ll need the following documents at hand:
• Sahara membership number
• Account number
• PAN Card (mandatory for amounts exceeding Rs 50,000)
• Active mobile number linked with Aadhaar
• Copy of Deposit Certificate/Passbook details
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Step-by-step application process:
If you’re unable to initiate the claim independently, the Common Service Center (CSC) is your ally. The refund portal is accessible through these centers, guided by the government’s established protocols.
Alternatively, you can visit the website: https://mocrefund.crcs.gov.in.
For more information and to submit your claim, you can also visit the Ministry of Cooperation’s website: https://cooperation.gov.in.
