REC launches ‘SUGAM REC’, a mobile app for 54EC Bonds Investors

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Source: The post is based on the articleREC launches ‘SUGAM REC’, a mobile app for 54EC Bonds Investorspublished in “PIB” on 7th October 2023

What is the News?

REC Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power has launched a mobile application named SUGAM REC.

What is SUGAM REC?

SUGAM REC is a mobile application exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.

It will offer investors complete details of their investment in REC 54EC Bonds.

Investors will be able to download their e-bond certificates, apply for fresh investment, and also connect with REC’s Investor Cell.

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.

What is REC Limited?

REC Limited is a Government of India Enterprise.It is also a listed Maharatna Company under Ministry of Power. 

It was incorporated in 1969 under the companies act 1956.It is a Systemically Important NBFC registered with RBI. 

It is mandated to provide financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.

REC’s funding illuminates every fourth bulb in India. 

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