v.  The Budget for 2015–16 has proposed to extend the period of applicability of reduced rate of tax at 5% in respect of income of foreign investors (FIIs and QFIs) from corporate bonds and government securities, from 31.5.2015 to 30.06.2017.  g) Credit enhancement by IIFCL: It has been mentioned in the Union Budget 2013–14 that IIFCL will provide partial credit guarantee to enhance ratings of bond issues, enabling  6  BIS central bankers’ speeches  channelization of long-term funds for infrastructure projects.
Under these circumstances, I believe that the Bank should set the amounts of its asset purchases as the target for money market operations, and for the time being incrementally reduce the pace of its JGB purchases to the level at which the amount outstanding will be unchanged, instead of conducting yield curve control under which the controllability of the amount of its JGB purchases seems uncertain.