Hundred percent FDI in facsimile
edition of foreign newspapers allowed
On a review of the extant policy on foreign direct investment (FDI), Govt of India has announced to allow 100 percent foreign investment in publication of facsimile edition of foreign newspapers and Indian edition of foreign magazines dealing with news and current affairs. The policy specifies that the publication can be undertaken only by an entity incorporated or registered in India under the provisions of the Companies Act, 1956.
The policy includes permitting 100 percent FDI with prior approval of the Government for the publication of the facsimile edition, provided the FDI is by the owner of the original foreign newspaper whose facsimile edition is proposed to be brought out in India. Also, the publication would be subject to the Guidelines for publication of newspapers and periodicals dealing with news and current affairs and publication of facsimile edition of foreign newspapers issued by the Ministry of Information and Brodcasting on March 31, 2006, as amended from time to time.
The policy of foreign investment in publication of Indian editions of foreign magazines dealing with news and current affairs includes, up to 26 percent of foreign investment, inclusive of FDI and investment by NRI/ PIOs/ FII; ‘magazine’, for these guidelines shall be defined as a periodical publication, brought out on a non-daily basis, containing public news or comments; foreign investment shall be subject to the guidelines issued by the Ministry of Information and Broadcasting on December 4, 2008.
