Union Home Minister Amit Shah on Friday took an important step towards refund to co-operative investors of Sahara group. Shah personally transferred the first installment of Rs 10,000 to 112 beneficiaries through the Sahara refund portal in Delhi.
During the event, Amit Shah informed that the portal has already received an overwhelming response, with around 18,000 people having signed up. Earlier, the government had announced that it would return money to 10 million investors in four cooperative societies within nine months from March 29, 2023.
The Home Secretary assured the depositors that their funds are safe and the government is trying its best to complete the refund process efficiently. He assured all the investors that they would get their due money within the next few days.
The successful disbursement of the first round of funds followed the completion of the audit, thereby easing the process. The event was also attended by Cooperation Minister Gyanesh Kumar and a retired Supreme Court judge, who highlighted the government’s commitment to protect the interest of depositors.
As per the Supreme Court order, PAHAL transferred Rs 5,000 from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS) to provide resources for the refund process.
Amit Shah stressed on the importance of trust in cooperatives and said that it is the responsibility of the government to ensure safe return of investors’ money. Strengthening the country’s cooperative movement remains a priority.
It is likely that the next round of funds will be transferred as soon as the government continues its efforts to expedite the refund process. Depositors who have not yet registered for the Sahara Refund Portal are encouraged to do so to be able to benefit from this initiative.
As depositors of co-operative societies continue to receive money, the government’s desire to restore faith in co-operative societies is becoming evident. The successful implementation of Sahara Refund Portal is a testimony to the commitment of the Government towards protecting the interests of the investors.