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of <h1>Central Government approves Rs. 4,500 Crores tax-saving bonds by Rural Electrification Corporation under section 54EC of Income-tax Act.</h1> The Central Government has authorized the issuance of tax savings bonds valued at Rs. 4,500 Crores by the Rural Electrification Corporation Limited. These bonds, redeemable after three years, are designated as long-term specified assets under section 54EC of the Income-tax Act, 1961. The issuance is scheduled for the financial year 2006-07, under the powers granted by sub-clause (ii) of clause (b) of the Explanation to section 54EC. The Rural Electrification Corporation Limited is a company established under the Companies Act, 1956.
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