(Bloomberg) — Stimulus steps by the Bank of Japan this year are prompting issuance of longer debt to fall, to the detriment of fund managers chasing the extra yield on such securities.

Sales of company notes due in more than five years have dropped 38% in the fiscal year started April 1. Offerings maturing in shorter periods have jumped 35% to a record, according to Bloomberg-compiled data going back to 2009. The shift comes after the BOJ decided to lengthen the maturity of corporate bonds it purchases to five years from three years.



chart: Deal Split


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Deal Split

The central bank’s corporate debt buying, which it began in 2009 and expanded this year, has helped firms rushing to secure cash to ride out Covid-19. Company notes tend to be riskier than government bonds, so the BOJ’s focus on shorter maturities for the corporate securities helps it avoid locking into those for

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The Central Board of Direct Taxes’ (CBDT) order to restrict power to authorise tax survey is being seen as a step in the right direction by tax and legal consultants among others.

Tax survey is basically a mechanism to verify submission by taxpayer for proper assessment.

According to CBDT, as ‘survey action under Section 133 A of the Act’ is an intrusive action, it is expected that it should be carried out with utmost responsibility. Accordingly, the Board directed that only the officers posted in Directorates of Investigation (Investigation Wing) and Commissionerates of TDS, shall act as “Income Tax Authority” for the purposes of survey.

It means only DGIT (Investigation) and Principal Chief Commissioner /Chief Commissioner (TDS) will approve survey of an assesssee.

On the new platform launched by Prime Minister Narendra Modi, Divakar Vijayasarathy, Founder of DVS Advisors LLP, said this new platform is part of digitalisation of the

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