Direct Tax Notification No. 98-2002 dated 23rd April, 2002
Deduction u/s. 80L
REC Infrastructure Bonds
The Central Government specified that "REC Infrastructure Bonds" were pertaining to the nature of debentures, bearing distinctive numbers from Serial No. 0000001 to 2000000. Each coming up to Rs. 5000 and carrying an interest at the rate of 9% per annum, amounting to Rs. 1000 crores only.
REC Infrastructure Bonds specified as Debentures S.O. 459(E).- In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies REC Infrastructure Bonds in the nature of debentures bearing distinctive numbers from Serial No. 0000001 to 2000000, of Rs. 5000 each carrying an interest at the rate of 9% per annum, amounting to Rs. 1000 crores only (Rs. 500 crores with an option to retain over-subscription of an additional amount of Rs. 500 crores only) to be raised in one or more tranches, through public or private placement, issued by the Rural Electrification Corporation Limited, New Delhi, for the purpose of said clause.