SUGAM REC
Source: PIB
GS II: Economy
Overview
- News in Brief
- About App
- About REC Limited
Why in the News?
REC launches ‘SUGAM REC’, a mobile app for 54EC Bonds Investors.
About App
- REC Limited, the Maharatna Central Public Sector Enterprise 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.
- Named ‘SUGAM REC’, the mobile app will offer investors with complete details of their investment in REC 54EC Bonds.
- 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.
What are Section 54EC Bonds?
- 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.
About REC Limited
- REC Limited is an NBFC focusing on Power Sector Financing and Development across India.
- Established in 1969, REC Limited has completed over fifty years of operations.
- It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.
- Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy.
- REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and logistics sector as well.
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