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of <h1>Central Govt Notifies REC Bonds u/s 54EC: Investment Limit Set at Rs. 50 Lakhs, Available Until March 31, 2007.</h1> The Central Government has issued a notification under Section 54EC of the Income-tax Act, 1961, concerning the issuance of bonds amounting to Rupees 3,500 crores by the Rural Electrification Corporation Limited. These bonds, redeemable after three years, are classified as 'long-term specified assets' and are available for investment from December 26, 2006, to March 31, 2007. The notification stipulates that individuals who have invested more than fifty lakhs rupees in previously notified bonds cannot invest in these new bonds. Additionally, others are restricted to investing only up to fifty lakhs rupees, reduced by any prior investments in similar bonds.
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