No FDI cap on non news publications
By Our Corporate Bureau | 03 Jun 2005
New Delhi: Now readers can look forward to accessing a greater number of foreign magazines and periodicals at reasonable prices as the government of India has decided to remove the cap on foreign investment in non-news publications.
The present investment limit of a maximum of 74 per cent foreign equity in Indian publications publishing scientific/technical / specialty magazines / periodicals and journals has been removed and up to 100 per cent foreign equity has been permitted, according to an official release from the government.
In cases where foreign institutional investors wish to go in for foreign direct investment (FDI) and portfolio investment they would have to approach the Foreign Investment Promotion Board and the Reserve Bank of India, respectively, for clearance after obtaining the no-objection certificate from the Ministry of Information and Broadcasting according to a press release.
In cases involving only portfolio investment, the applicant may approach the RBI for further clearance, if any, after obtaining NOC from the ministry of information and broadcasting. Guidelines of the finance ministry on FDI and portfolio investment would apply.
Title verification shall continue to be done by the Registrar of Newspapers for India as per the existing procedure, the release said.
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