In a significant move that will give a boost to the magazine industry and the readers access to foreign news magazines like Forbes, Fortune, Businessweek, and Harvard Business Review among others at much lower prices, the Government today allowed the Indian companies to not only publish them in the country but also gave its permission to insert local news and advertisements in any such foreign news magazines.
This will mean that the companies that are registered under the Indian Companies Act 1951 can now not only apply for permission to reproduce these magazines locally (instead of importing them) but can also insert local news and local advertisements. This was not allowed--both for news magazines and fascimile editons of foreign newspapers--in the earlier print media policy.
However, such Indian publishers will need to comply to the norms laid down by the latest print media policy.
According to the norms, three-fourth of the total directors on the board of these companies will need to be of Indian origin. Also, the applicant company will have to appoint Indians as it local editorial staff. Also, such an Indian company can only attract foreign direct investments up to 26 per cent of the total paid up equity of the company.
Besides, the title of the magazine will be verified and subsequently registered by the Indian company from the Registrar of Newspapers for India and Permission would be granted for publication of only such magazines which are being published in the country of their origin.
"In addition, they should have been published continuously for a period of at least 5 years, and the publication must have a circulation of at least 10,000 paid copies for the last financial year in the country of its origin," the Government said in a written communication.
