India's Union Home and Cooperation Minister Amit Shah launched the 'Central Registrar-Sahara Refund Portal' on Tuesday, 18 July 2023.

Its aim is to refund the amount of crores of people deposited in the four cooperative societies of Sahara Group.

Describing it as a historic moment, Amit Shah said that it is for the first time that depositors will get refund in a case in which multiple agencies are involved and all of them have made seizures in the case.

Amit Shah assured the depositors that now no one can stop their money and they will get refund within 45 days of registration on the portal.

He said that due to this a feeling of insecurity has been created among the people towards cooperative societies. Amit Shah said that talks were held by calling all the stake holders in this.

This decision was taken by calling all the stake holders including SEBI, ED, Income Tax Department, CBI, law officers to consider it.

In a press release issued by PIB, it was told that on the application of the Ministry of Cooperation, the Supreme Court had given an order on March 29, 2023, to resolve the complaints of the depositors of the co-operative societies of Sahara Group regarding payment of valid deposits.

Under this, Rs 5000 crore has been ordered to be transferred from the "Sahara-SEBI Refund Account" to the Central Registrar of Cooperative Societies (CRCS) for payment of legitimate dues of genuine depositors of co-operative societies of Sahara group.

Amit Shah said, "It has started with Rs 5000 crore and when Rs 5000 crore is returned to the investors, we will again go to the Supreme Court and tell that there are so many investors left."

He said that one crore investors will be given a refund of up to Rs 10,000 on a trial basis.

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