Good News for Sahara Group Investors: Refund Limit Increased
Investors who have put their money into the Sahara Group are in for some good news. The government has announced a significant increase in the refund limit for small depositors, raising it from Rs. 10,000 to Rs. 50,000. This development offers a ray of hope for those who invested significant sums in the various schemes offered by the Sahara Group.
Details of the Refund Increase
An official from the Ministry of Cooperation confirmed this update, highlighting that this increase aims to provide much-needed relief to small depositors affected by the group’s financial troubles. Following this new directive, individuals with valid claims can now recover up to Rs. 50,000, which is a substantial boost compared to the previous limit.
Progress on Refunds
As of now, the government has successfully disbursed a total of Rs. 370 crore to more than 4.29 lakh depositors through the CRCS (Central Registrar of Cooperative Societies)-Sahara refund portal. With the enhanced refund limit, it is anticipated that an additional Rs. 1,000 crore will be processed over the next 10 days to eligible claimants. This prompt action reflects the government’s commitment to ensuring that depositors receive their rightful returns in a timely manner.
| Original Refund Limit | New Refund Limit | Total Amount Released | Number of Depositors |
|---|---|---|---|
| Rs. 10,000 | Rs. 50,000 | Rs. 370 crore | 4.29 lakh |
Thorough Investigation Process
The government has put in place a meticulous verification process to scrutinize the claims submitted by depositors before issuing refunds. The CRCS-Sahara Refund Portal was introduced on July 18, 2023, enabling legitimate depositors from the four multi-state cooperative societies affiliated with the Sahara Group to submit their claims. These societies include:
- Sahara Credit Cooperative Society Ltd., Lucknow
- Saharayan Universal Multipurpose Society Ltd., Bhopal
- Hamara India Credit Cooperative Society Ltd., Kolkata
- Stars Multipurpose Cooperative Society Ltd., Hyderabad
Court Oversight
A crucial order from the Supreme Court, issued on March 29, 2023, allocated Rs. 5,000 crore to the Central Registrar of Cooperative Societies (CRCS) from the SEBI-Sahara refund account to facilitate these refunds. Justice R. Subhash Reddy is overseeing the distribution of funds, ensuring that the process is transparent and efficient, primarily through digital means to speed up the transactions.
Conclusion
This recent decision to increase the refund limit provides an opportunity for small investors to regain a portion of their investments. As the government continues to facilitate refunds and streamline the claims process, it hopes to restore confidence among depositors and address one of the significant concerns stemming from the Sahara Group’s financial issues.
