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Now, Indians can
read foreign news, current affairs magazines
WSN Network
New Delhi: At a time
when internet editions are easily available, the Indian Government
has decided to allow foreign news and current affairs magazines to
print their Indian version, without any restriction on reporting
local news. The content allowed would be up to "100 per cent
identical to the foreign magazine", with "the Indian publisher free
to add local content". "The Indian publisher would also be free to
insert local advertisements," say the proposed guidelines.
So far, only foreign
scientific, technical and specialty magazines, periodicals and
journals are allowed to print their Indian editions, with 100 per
cent investment in the Indian-registered publishing firm. Indian
editions of foreign news and current affairs magazines are not
allowed, but foreign investors can take 26 per cent equity in Indian
magazines.
However, permission
would be granted only to Indian companies registered under the
Indian Companies Act, with the largest Indian shareholder —
individually or collectively — holding at least 51 per cent of the
paid-up equity.
Foreign investment
up to a maximum of 26 per cent would be permissible, with the cap
including foreign direct investment from foreign entities,
non-resident Indians, persons of Indian origin and portfolio
investments by recognised foreign institutional investors.
"Permission would be
conditional on at least 3/4th of the directors on the Board of
Directors of the applicant Indian company and all key executives and
editorial staff being resident Indians," say the guidelines.
Magazines that are
published in the country of their origin with a publishing track
record of at least five years and a circulation of at least 10,000
paid copies would get permission, provided these credits are
certified by their government or any certifying agency.
The ministry's
argument for relaxing the entry is that a restriction on printing an
Indian edition had become redundant with the advent of latest
communication technologies such as the Internet and satellite
channels.
The entry would
allow foreign publications a slice of India's magazine market that
was estimated at Rs 1,900 crore in 2007. The print media industry,
including advertising and subscription, was pegged at Rs 14,900
crore last year, growing at 16 per cent.
For Indian readers,
this would mean access to foreign magazines at much cheaper rates
compared to their imported originals.
14
May,
2008
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