The government is investigating the legality of transferring unclaimed funds from the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who later claim, 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 repay investors with interest and deposit the money with the capital markets regulator, was upheld by the Supreme Court in 2012.
The Supreme Court has stipulated that the government will get the funds received from subscribers in the event that Sebi is unable to trace their locations, the ET news report stated. “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 shall be appropriated to the government of India,” the Supreme Court said. .After spending Rs 138 crore to 17,526 applicants involving 48,326 accounts, the total amount recovered by the group and deposited in the state-owned banks stood at Rs 25,163 crore as on March 31 this year, stated ET.Sahara refund: How much money will Sahara depositors get as a first payment?
“The dedicated refund account under Sebi has hardly seen claimants come forward 11 years after the judgment,” a government official told Economic Times.
The Union Home Minister and Minister for 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 Rs 10,000 would be made through this. portal to 1 crore investors who have deposited Rs 10,000 or more. Shah stated that the complete data of all the four societies are 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 website of the Office of the Controller General of Accounts, All revenues received by the Government through taxes such as Income Tax, Central Excise, Customs and other receipts flowing to the Government in connection with the conduct of Government business ie Non-Tax Revenues are credited in the A Consolidated Fund constituted under Article 266(1) of the Constitution of India. Similarly, all loans obtained by the Government through the issuance of Public notices, treasury bills (internal debt) and loans obtained from foreign governments and international institutions (external debt) are credited to this fund. All government expenditures are made from this fund and no amount can be withdrawn from the Fund without authorization from Parliament.
Sahara Refund Portal: a step-by-step guide for Sahara group depositors to claim a refund
Important Questions about 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 Cooperative Societies under the
Honorable Supreme Court directive dated March 29, 2023.
2) Who are eligible for a refund through the CRCS Sahara Refund Portal?
The genuine and legitimate Depositors of following four Sahara Societies are
eligible for a 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 must a Depositor provide with the Inquiry Form/Application?
The Depositor should have:
a. Membership no.
b. Deposit no.
c. Aadhaar linked Mobile No. (Mandatory)
d. Deposit certificates/Passbook
e. PAN card (if claim amount is Rs. 50,000/- and above) (Mandatory).