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.
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.
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.
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.
verification shall continue to be done by the Registrar of Newspapers for
India as per the existing procedure, the release said.