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<h1>Section 54EC Amendment: Redefines 'long-term specified asset' as bonds redeemable after three years by NHAI or REC.</h1> Section 54EC of the Income-tax Act is amended to redefine 'long-term specified asset' as any bond redeemable after three years, issued on or after April 1, 2006, by either the National Highways Authority of India or the Rural Electrification Corporation Limited. Both entities must be notified by the Central Government in the Official Gazette for this purpose.