FDI IN PRINT MEDIA
GUIDELINES FOR NON-NEWS, NON-CURRENT AFFAIRS PUBLICATIONS
The Ministry
of Information and Broadcasting has issued guidelines for the
publication of Indian editions of foreign technical, scientific,
speciality magazines, journals, periodicals and foreign investment
in Indian entities publishing scientific, technical, speciality
magazines, journals. The Union Government had earlier decided
to allow these publications and foreign investment upto 74 per
cent in Indian entities publishing such journals etc., on a case-by-case
basis.
An application shall
be made to the Ministry of Information and Broadcasting in the
prescribed format to determine the nature of contents of the publication.
Application fee of Rs. 5000/- (Rupees Five thousand only) shall
have to be deposited through a Demand Draft in favour of the Pay
& Accounts Officer, Ministry of Information and Broadcasting,
payable at New Delhi.
The application shall
be processed by the Ministry of Information and Broadcasting,
after due inter-Ministerial consultations, to decide whether the
proposed publication is covered under the category of scientific,
technical or speciality magazine, periodical, journal. Representatives
of the concerned Ministries/specialist bodies and language experts,
as found necessary will be associated in this task. In appropriate
cases, the Ministry of Information and Broadcasting will issue
an approval, subject to compliance with the provisions of the
Press and Registration of Books Act and Rules made thereunder
for publication of the foreign journals or No Objection Certificate
(NOC) for foreign investment, a copy of which would be sent to
RNI/SIA/RBI and the applicant.
Determination of
category assigned to the publication (s) is liable for review
by the Ministry of Information and Broadcasting if the contents
of the publication (s) undergo change at a later date. Title verification
shall continue to be done by the Press Registrar as per existing
procedure.
In cases where both
FDI and FII investment is envisaged, the applicant may approach
the FIPB/RBI for clearance after obtaining the No Objection Certificate
from the Ministry of Information and Broadcasting. In cases involving
only portfolio investment, the applicant may approach the Reserve
Bank of India, for further clearance, if any, after obtaining
the No Objection Certificate from the Ministry of Information
and Broadcasting. The Ministry of Information and Broadcasting
will keep the Secretariat for Industrial Assistance and the Reserve
Bank of India informed of the FDI projected by the Company and
the balance permissible foreign investment on the portfolio investment
route, while communicating the No Objection.
Total foreign investment
upto 74 per cent may be allowed. Guidelines of the Ministry of
Finance on FDI and portfolio investment would apply subject to
the overall ceiling of 74 per cent mentioned above. All cases
involving Foreign Investment shall be handled by the prescribed
agencies, viz. FDI on the Government approval route through the
mechanism of the FIPB and portfolio investment by the RBI.
