New Delhi: A senior official from the cooperation ministry announced on Wednesday that the government has increased the maximum refund limit for small depositors of Sahara Group Cooperative Societies to Rs 50,000, previously set at Rs 10,000. Up to now, over 4.29 lakh depositors of Sahara Group of Cooperative Societies have received Rs 370 crore from the government via the CRCS-Sahara refund portal. The official mentioned that due to the refund amount limit being raised to Rs 50,000, approximately Rs 1,000 crore will be paid out within the next 10 days.
The official stated that last week, the limit on refund amount for small depositors was increased to Rs 50,000 each from Rs 10,000. The government is thoroughly reviewing depositors' claims before issuing the refund. After receiving a directive from the Supreme Court, the CRCS-Sahara refund portal was established on July 18, 2023, to allow legitimate depositors of Sahara Group's four multi-state cooperative societies to submit claims for the refund of their rightful deposits.
The societies include Sahara Credit Cooperative Society Ltd in Lucknow, Saharayn Universal Multipurpose Society Ltd in Bhopal, Humara India Credit Cooperative Society Ltd in Kolkata, and Stars Multipurpose Cooperative Society Ltd in Hyderabad. Per the Supreme Court's directive on March 29, 2023, Rs 5,000 crore was moved from the Sebi-Sahara Refund Account to the Central Registrar of Cooperative Societies (CRCS) on May 19, 2023. Justice R Subhash Reddy, a judge in the Supreme Court, is overseeing the distribution of funds through digital means.
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