Foreign news magazines can now come out with Indian editions with the Indian government on Thursday clearing a proposal to review the print media policy to this effect, the Hindu reported Friday.
Till now, only Indian editions of foreign scientific, technical and specialty periodicals and journals were allowed.
In line with the existing foreign investment cap for newspapers, publishers of Indian editions of foreign news magazines will be eligible only for 26 percent foreign investment.
Only Indian companies registered under the Indian Companies Act, 1956, will be allowed to bring out Indian editions of foreign newsmagazines. And, three-fourths of the directors on the Board of Directors of such companies and all key executives and editorial staff have to be resident Indians.
The new policy does not provide any parameters on the content of the Indian edition of foreign news magazines. The Indian edition can be either identical to the foreign magazine it ties up with or it can include locally generated material. The Indian publisher is also free to insert local advertisements. The title of the magazine will have to be registered by the Indian company with the Registrar of Newspapers for India.
The policy also states that these periodicals should have been in print for at least five years running with a minimum circulation of 10,000 copies during the last fiscal in the country of origin.
This revision of the print media policy first opened in 2002 is aimed at facilitating access to foreign magazines at cheaper rates, the report said.
Source:Xinhua
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