# The Finance Act, 2001, Section 31: Amendment of section 54EC

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/31/

## Text

Amendment of section 54EC. 31. In section 54EC of the Income-tax Act, in the Explanation  occurring at the end, for clause (b), the following clause shall be substituted with effect from the 1st day of April, 2002, namely:— ‘(b)"long-term specified asset" means any bond redeemable after three years, issued,— (i) on or after the 1st day of April, 2000, by the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Develop­ment Act, 1981 (61 of 1981) or by the National Highways Authority of India constituted under section 3 of the National Highways Au­thority of India Act, 1988 (68 of 1988); (ii) on or after the 1st day of April, 2001, by the Rural Electrification Corporation Limited, a company formed and regis­tered under the Companies Act, 1956 (1 of 1956).’. © Copyright. Taxmann Publications Pvt. Ltd.

---
Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.