The Union government has issued guidelines for foreign news and current affairs magazines publishing Indian editions, requiring them to have Indians in all key editorial and executive positions. The Ministry of Information and Broadcasting has also mandated that 75 per cent of the boards of directors of the publishing companies should be resident Indians.
The magazines have been allowed to reproduce their foreign editions entirely, while permitting them to add local content and advertisements. Foreign magazines that are publishing continuously for at least five years are eligible for approval for Indian editions.
They should also have a paid circulation of 10,000 copies in the last financial year in the country of their origin and it should be certified by the government of that country, an official release said on Thursday. Indian companies that form joint ventures with foreign magazines for royalty or other payments will have to abide by the rules and regulations framed by the government from time to time. Only Indian companies listed with the Registrar of Companies under the Companies Act, 1956, are allowed to publish those magazines.
Foreign magazines must allow government agencies to inspect their facilities at any time.
The 26 per cent cap on foreign direct investment into Indian news print ventures, however, will continue. Till now, Indian editions of only foreign scientific, technical and speciality periodicals and journals were allowed.
