By IANS,
New Delhi : India Thursday unveiled a set of guidelines for allowing publication of Indian editions of foreign news and current affairs magazines, which are allowed 26 percent FDI as long as all key executives and editorial staff are Indians.
The guidelines, issued by the information and broadcasting ministry, made it clear that these foreign magazines can only be published by an Indian company, which will be eligible for attracting 26 percent foreign direct investment and will be free to add local content and mobilise advertisements.
“The ceiling of total FDI [which includes FDI by non-resident Indians (NRIs), persons of Indian origin (PIOs) and portfolio investments by recognised foreign institutional investors (FIIs) together] is up to 26 percent,” said the guidelines.
An Indian company wishing to publish such foreign magazines has to fulfil a range of criteria. Three-fourth of the directors of the applicant company and all key executives and editorial staff should be resident Indians, according to the guidelines.
Besides, the proposed publication must have a circulation of 10,000 paid copies and must have been published continuously for a period of at least five years.
The ministry will decide on all new applications for publication of Indian editions of foreign magazines on the basis of inter-ministerial consultation.
The home ministry, external affairs ministry, department of industrial policy and promotion, ministry of corporate affairs and other ministries and departments will be involved in the decision-making process.
In a landmark decision, the government allowed Indian editions of foreign news and current affairs magazines over two months ago. The decision will provide Indian readers access to foreign magazines at cheaper rates in comparison to their imported copies.