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Thursday, Nov 14, 2002

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FDI norms issued for tech specialty magazines

Our Bureau

NEW ELHI, Nov. 13

THE Government has issued detailed guidelines for foreign investments in publication of Indian editions of foreign technical, scientific, specialty magazines, journals and periodicals.

According to the norms, a company planning to bring out the publication has to file an application with the Ministry of Information and Broadcasting along with a non-refundable fee of Rs 5,000. The Ministry will determine the character and nature of the magazine and decide whether it is covered under the categories of scientific, technical or specialty magazines.

According to the FDI policy for print media, up to 74 per cent is permitted in these categories of publications. The detailed guidelines mentions that in case where both FDI and portfolio investments by FIIs are envisaged, the applicant may approach the Foreign Investment Promotion Board (FIPB) or the Reserve Bank of India (RBI) for clearance after obtaining the no-objection certificate from the Ministry of Information and Broadcasting. In cases involving portfolio investment the company may approach the RBI for further clearances.

The guidelines also mention that the I&B Ministry will keep the Secretariat for Industrial Assistance (SIA) and the RBI informed about the FDI projected by the company and the balance permissible foreign investment on portfolio investment route.

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