The central government has increased the refund amount limit from Rs 10,000 to 5 times. The Cooperative Ministry official said that about Rs 1000 crore will be paid in 10 days.
New Delhi. Lakhs of investors who have invested money in the savings schemes of Sahara Group are waiting for their refund. The central government has taken a big decision in this matter. In fact, the government has increased the refund amount limit from Rs 10,000 to Rs 50,000.
A senior officer of the Ministry of Cooperation said that about Rs 1000 crore will be paid in the next 10 days. The government has so far released Rs 370 crore to more than 4.29 lakh depositors of Sahara Group cooperatives through the CRCS-Sahara refund portal. The government is carefully examining the claims of the depositors before issuing the refund.
What is CRCS-Sahara Refund Portal
The CRCS-Sahara refund portal was launched in July 2023 on the orders of the Supreme Court to return the refund amount to Sahara depositors. As per the order of the Supreme Court dated March 29, 2023, an amount of Rs 5000 crore was transferred from the SEBI-Sahara refund account to the Central Registrar of Cooperative Societies (CRCS) in May 2023.
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Supreme Court strict on Sahara Group
Earlier, the Supreme Court had reprimanded the Sahara Group. Recently, the Supreme Court had told the Sahara Group that it can return the investors’ money by selling its property. The court said that no one can stop the group from selling the property to deposit Rs 10,000 crore in the SEBI-Sahara refund account.
In August 2012, the Supreme Court had ordered that Sahara Group companies – SIRECL and SHICL will return the amount deposited by investors to SEBI with 15 percent annual interest. Let us tell you that Sahara Group had collected crores of rupees from depositors through its small savings schemes. But, due to the worsening of the financial condition of the group, the money of the depositors has been stuck for the last 12 years.
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