Page 11 - NIS English 16-31 August 2023

Sahara Refund Portal Nation

Return of funds to investors
begins on a trial basis

5,000 crore rupees refund
initiated on a trial
basis in a transparent
manner

On the directives of the Supreme Court, a committee
headed by a former judge was formed to oversee Applying process
the start of the payment process in a transparent
The Common Service Centre (CSC) can be used to
manner. A refund of Rs 5,000 crore was initiated in
fill out the application. Investors have been asked to
a transparent manner on a trial basis. When the
register themselves online through CSC. There are two
payment of Rs 5,000 crore is made, an appeal will be
key requirements for this procedure: first, the investor's
made to the Supreme Court once again to return the
Aadhaar card must be linked to his phone, and second,
amount to the remaining investors. Through the portal,
his Aadhaar number must be linked to his bank account.
the amount will be refunded first to those investors
The applicant will receive notification via SMS or a portal
whose deposits are Rs 10,000 or more, out of which the
within 45 days of the money being deposited in their
amount up to Rs 10,000 will be paid.
account following online verification.
Entire payment process
Data for all four committees
to be monitored
available online
In accordance with the Supreme Court's instructions,
Complete data of those four committees of Sahara former Supreme Court justice R. Subhash Reddy is
for which it has been decided to return the amount of overseeing and monitoring the entire payment process.
the investors has been made available online, There To aid in the refund process for these four Sahara
are about 1.78 crore small investors whose trapped committees, four senior officers have been designated
money will be returned. as officers on special duty.

The Ministry of Cooperation's website provides work is being done on a large scale by combining
access to the portal. The entire payment process is small capital to create big capital.
now paperless and digital. The portal designed for Union Cooperation Minister Amit Shah said that
claims submission is user-friendly. many times there are allegations of scams, and
Union Home and Cooperation Minister Amit Shah those who invest in them get stuck. The same
said that the decision assumes significance in is the case with Sahara. The case went on in the
view of the fact that the people whose hard-earned Supreme Court for many years, and the agencies
money was stuck in these four cooperative societies sealed their assets and accounts. This erodes the
of Sahara went unnoticed as often the agency does credibility of cooperative societies. In this regard,
not think about the investors. This is the cause of an initiative was taken by the Central Government,
the widespread mistrust and sense of insecurity and a meeting was held with all the stakeholders.
that people had for the cooperative society. He said It was decided that a system should be created in
that crores of people in the country do not have which everyone should rise above their claims and
capital but want to contribute to the development think about small investors. For the first time, under
of the country; for this, there is no other way than the leadership of Prime Minister Modi,
the cooperative movement, so Prime Minister Modi the work of returning the scam-ridden
formed a separate cooperation ministry for this. money of investors with transparency
Cooperation are the only movement through which is beginning.

New India Samachar August 16-31, 2023 9