Sahara Sebi Refund: Rs 25,000 Crore Of Sahara Depositors Stuck
A recent report in the Economic Times reported that the government is considering transferring the unclaimed funds from the Sahara Sebi Refund Account to the Consolidated Fund of India with a provision for refunds to investors who stake claims later.
As a result of Subrata Roy’s death last week, the fund has attracted attention as claims have been made for its funds.
In 2012, the Supreme Court upheld a ruling by the Securities and Exchange Board of India (Sebi) directing Sahara India Real Estate Corp and Sahara Housing Investment Corp to refund investors with interest and deposit their funds with the capital market regulator.
In the event that Sebi is unable to track down subscribers’ locations, the Supreme Court stipulated that the government would receive the funds, reported ET news. A Supreme Court verdict had stated that if (Sebi) was unable to locate all or any of the subscribers based on the information provided, then the money collected from such subscribers would be appropriated to the government of India.
Sahara Refund Given To Investors
According to ET, Rs 25,163 crore had been deposited in state-run banks as of March 31 after 138 crores were disbursed to 17,526 applicants involving 48,326 accounts.
“Despite 11 years after the judgment, only a few claimants have come forward to request a refund through Sebi’s dedicated refund account,” the Economic Times reported.
On July 18, 2023, Amit Shah, the Union Home Minister and Minister of Cooperation, launched the Sahara Refund Portal by the Central Registrar of Cooperative Societies (CRCS). The first payment of Rs 10,000 will go to 1 crore investors who deposit Rs 10,000 or more, says Amit Shah. According to Shah, all four societies’ complete data is available on this portal for application. You can get a refund through the CRCS Sahara Refund Portal if you’re a genuine depositor of a Sahara Society:
1: Humara India Credit Cooperative Society Limited, Kolkata.
2: Sahara Credit Cooperative Society Limited, Lucknow.
3: Saharayn Universal Multipurpose Society Limited, Bhopal.
4: Stars Multipurpose Cooperative Society Limited, Hyderabad.
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What Is The Consolidated Fund Of India?
All money received by the government in the form of taxes, such as income tax, central excise, customs, and other receipts passing to the government in connection with the conduct of government business—that is, non-tax revenue—is credited into the Consolidated Fund, which was established under Article 266 (1) of the Indian Constitution, according to the Office of Chief Controller of Accounts website.
In the same manner, this fund is credited with all loans raised by the government through the publication of public notices, treasury bills (internal debt), and loans received from foreign governments and international organizations (external debt). This fund is used to cover all government expenses, and money cannot be taken out of it without the parliament’s approval.
