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of <h1>Govt Issues 10-Year Tax-Free Bonds with 9% Interest; Wealth Tax Benefits Require Bond Transfer Notification within 60 Days</h1> The Central Government specifies the issuance of '10 year-9% (tax-free) Secured Redeemable Non-Convertible REC Bonds (19th Series) (Private Placement)' by the Rural Electrification Corporation Limited under the Wealth-tax Act, 1957. These bonds are tax-free and secured, with a 9% interest rate, and are redeemable after ten years. The notification clarifies that the wealth tax benefit applies only if the transferee informs the Corporation of the bond transfer by registered post within sixty days. This specification is documented under Notification Number 0285(E), dated April 17, 1989, by the Under Secretary to the Government of India.
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