New Delhi, Sep 18 (UNI) Reviewing the long-awaited Print Media policy, the Union Cabinet today allowed publication of India editions of foreign magazines and periodicals falling in the news and current affairs category.
The publishers of such editions would not however be allowed to have more than 26 per cent foreign investment, an official spokesman told newspersons.
The decision will provide the people to access to foreign magazines at cheaper rates in comparison to the same magazines imported at much higher rates. It would help Indians to keep abreast with latest events and happenings in the world.
Permission would, however, be granted only to those Indian companies, registered under the Indian Companies Act, 1956. Such companies would be allowed to enter into financial arrangements such as royalty payment arrangements, with the owners of the foreign magazines, he said.
As per the conditions laid down in the policy, at least 3/4th of the Board of Directors of the applicant Indian company and all key executives and editorial staff should be Indian citizens.
Only such magazines will be granted permission which are being published in the country of their origin. Besides these magazines had been published for at least five years and having its circulation of not less than 10,000 paid copies for the last financial years in the country of its origin.
The title of the magazine had to be registered by the Indian company with the Registrar of Newpapers for India.
In addition, the content would be allowed to be upto 100% identical to the foreign magazine concerned and the India publisher would be free to add local content. The Indian publisher should also be free to insert local advertisements, he said.
UNI KAS AE VC1455