|
The guidelines say an application will have to 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
5,000 shall have to be deposited through a demand draft in favour
of the Pay & Accounts Officer, I&B ministry payable at New Delhi.
The Indian government had earlier this year decided to allow these
publications and foreign investment upto 74 per cent in Indian entities
publishing such technical and non-news journals on a case-by-case
basis. FDI up to 26 per cent has been allowed in the news category,
the guidelines of which will take some more time to be firmed up,
a senior I&B ministry official told indiantelevision.com today.
The application shall be processed by the I&B ministry, after due
inter-ministerial consultations, to decide whether the proposed
publication is covered under the category of scientific, technical
or specialty magazine, periodical, journal, according to a statement
issued by the Press Information Bureau on behalf of the I&B ministry.
Representatives of the ministries/specialist bodies and language
experts concerned, as found necessary, will be associated in this
task.
Global media companies like News Corp, CPH and even the Pearson
group (publishers of the Financial Times seeking a tie-up
with India's business daily Business Standard) have various
publications which can fall under this category and may have a market
in India through their Indian editions.
As per the government statement, in appropriate cases, the I&B
ministry 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 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 I&B ministry 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 Foreign Investment Promotion Board (FIPB) and/or
the Reserve Bank of India (RBI) for clearance after obtaining the
NoC from the I&B ministry.
In cases involving only portfolio investment, the applicant may
approach the RBI, for further clearance, if any, after obtaining
the NoC from the ministry which will keep the Secretariat for Industrial
Assistance and the RBI informed of the FDI projected by the company
and the balance permissible foreign investment on the portfolio
investment route, while communicating the NoC.
Total foreign investment up to 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 as mentioned.
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.
|
