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of <h1>Rural Electrification Corporation Launches 10-Year 9% Tax-Free Bonds with Wealth Tax Benefits Under Section 5(1)(xvie)</h1> The notification specifies the issuance of '10-year-9% (tax-free) Secured Redeemable Non-Convertible REC Bonds' by the Rural Electrification Corporation Limited, under the authority of the Central Government. These bonds are recognized under clause (xvie) of sub-section (1) of section 5 of the Wealth-tax Act, 1957, allowing certain tax benefits. The benefits are applicable upon the transfer of these bonds if the transferee notifies the Corporation by registered post within sixty days of the transfer. The notification is signed by an Under Secretary to the Government of India, with reference to File Number: 328/112/88-WT.
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