How many investors will benefit in 2024? Know the application process – Variousinfo

Sahara India Refund: There is a big good news for the investors of Sahara India Pariwar. The Supreme Court has directed Sahara Group to refund Rs 50,000 crore to its investors. This decision is a relief for millions of investors who had invested their money in Sahara years ago. This refund process is expected to start in 2024, which will benefit a large number of investors.

In this article we will know what the Sahara Refund Scheme is, how it will work, and what investors need to do to get their money back. We will talk about the refund process, eligibility criteria, and application process in detail. Besides, we will also discuss important facts and precautions related to this scheme.

Overview of Sahara Refund Scheme

Important information about Sahara Refund Scheme is given in the following table:

What is Sahara Refund Scheme?

Sahara Refund Scheme is a historic initiative under which Sahara Group will return the invested money to its investors. The plan is based on a Supreme Court order directing Sahara to pay Rs 50,000 crore to its investors.

background of the scheme

• Sahara Group had collected money from lakhs of investors over the years.
• SEBI had accused Sahara of issuing bonds illegally.
• After a long legal battle, the Supreme Court ordered refunds to the investors.

Refund amount and beneficiary

A total of Rs 50,000 crore will be refunded under this scheme. This amount will be given to all those investors who had invested money in various schemes of Sahara. It is estimated that about 10 crore investors will benefit from this.

How will the refund process work?

Several steps have been taken to make the process of Sahara Refund Scheme fair and transparent. Here are the main steps in the refund process:

1. Online Portal Launch: The government will launch a special online portal where investors will be able to submit their applications.
2. Application submission: Investors need to apply on the portal with proof of their investment.
3. Document Verification: The documents submitted will be verified.
4. Calculation of Refund Amount: The refund amount will be calculated for each investor.
5. Payment: After verification, the refund amount will be sent directly to the investor’s bank account.

Who can apply for refund?

Eligibility to apply for refund is based on the following criteria:

• All those persons who had invested in any of the schemes of Sahara.
• Those who have valid proof of investment.
• Whose investment has not been returned yet.

Required Documents

Have the following documents ready while applying for a refund:

• Sahara Investment Certificate or Receipt
• Aadhar card
• PAN card
• bank account information
• photo ID

application procedure

The process to apply for a Sahara refund is simple and straightforward. Follow the following steps:

1. Go to the online portal: Go to the government website and open the Sahara Refund Portal.
2. Register: Register by providing your mobile number and email ID.
3. Login: After registration, login with your credentials.
4. Fill the form: Fill your personal information and investment details in the application form.
5. Upload Documents: Upload scanned copies of required documents.
6. Submit: Check all the information and submit the form.
7. Receive Acknowledgment: Receive an acknowledgment number after the application is submitted.

Refund timing and process

The refund process is expected to begin in 2024. However, not all investors will get refunds at once. This will be a step by step process:

• Phase 1: Preference will be given to small investors (up to Rs 5,000).
• Second phase: Refund of investors ranging from Rs 5,000 to Rs 10,000.
• Third phase: Refund of investors above Rs 10,000.

The refund process may take approximately 3-4 months at each stage.

Calculation of Refund Amount

The refund amount will be calculated based on the following factors:

• original investment amount
• investment period
• applicable interest rate

Calculation formula:

Refund amount=Principal investment+(Principal investment×interest rate×number of years)

Refund amount=Principal investment+(Principal investment×interest rate×number of years)

Benefits of Sahara Refund Scheme

Investors will get many benefits from this scheme:

1. Refund of money: Lakhs of investors will get their stuck money back.
2. Financial relief: Many families will get relief from financial crisis.
3. Restoration of confidence: Investors’ confidence in financial institutions will increase.
4. Economic Activity: The economy will get a boost from the circulation of large amounts of money.
5. Legal solution: A long running dispute will be resolved.

Challenges and Precautions

Although the scheme has brought relief to investors, there are still some challenges and cautions:

1. Threat of fraud: Beware of fake agents who may ask for money in the name of refund.
2. Lack of documents: Some investors may not have valid documents.
3. Long wait: The process may get delayed due to large number of applications.
4. Technical problems: There may be technical problems in online application.
5. Lack of awareness: There may be lack of information about the scheme in rural areas.

Role of government and SEBI

Government and SEBI have important roles in Sahara Refund Scheme:

• Regulatory monitoring: SEBI will keep an eye on the entire process.
• Legal framework: The government will create a legal framework for the refund process.
• Technical Support: Technical support will be provided for the online portal.
• Awareness Campaign: Public awareness will be spread about the scheme.

Disclaimer

This article is for informational purposes only. Although we have tried to provide accurate information, the actual process and rules of Sahara Refund Scheme are subject to change as per government instructions. Please refer to official government websites and announcements for updates. Seek expert advice before taking any financial decisions. The author or publisher is not responsible for any damages or consequences caused by the use of this information.