Gurugram: REC Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, has launched a mobile application, exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds. The application will provide ease to the existing as well as prospective investors, REC Limited said in an official release.
Investors will be able to download their e-bond certificates, apply for fresh investment, download important forms related to updating of KYC, and also connect with REC’s Investor Cell via call, email, WhatsApp, the release said.
The name of the mobile application is ‘SUGAM REC’, which will offer investors with complete details of their investment in REC 54EC bonds.
The mobile application is available for free on both Android as well as iOS. This is amongst one of REC’s many digital initiatives.
Section 54EC Bonds are a type of fixed-income financial instruments which provide tax exemption under capital gains to investors, under Section 54EC of the Income Tax Act.
REC Limited is an NBFC focusing on power sector financing and development across India. Established in 1969, it provides financial assistance to state electricity boards, state governments, Central, state power utilities, independent power producers, rural electric cooperatives and private sector utilities.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)