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Permission for FDI in journals on merit basis

BS Corporate Bureau in New Delhi

Permission to infuse foreign direct investment in non-news and non-current affairs publications will be issued on a case-to-case basis and the permission would be given to a specific publication and not a group, according to the guidelines issued by the government on Wednesday.

The union cabinet had given its nod in June allowing foreign investment with a 74 per cent cap in non-news and non-current affairs publications, while in the case of news and current affairs print media it would be upto 26 per cent.

According to the guidelines, each application shall be processed by the information and broadcasting ministry after due inter-ministerial consultations to decide whether the proposed publication is covered under the category of scientific, technical or specialty magazine.

In addition, the government would also set up a group of representatives of the ministries concerned or specialist bodies and language experts who would clear cases and the information and broadcasting ministry will issue an approval.

This approval will be subject to compliance with provisions of the press and registration of books act and rules for publication of foreign journals or "no objection certificate" for foreign investment, the release said.

Besides, the government would also watch the publications which has got FDI closely to see whether there would be any change in the nature of the publication into a news publication.

"Determination of category assigned to any publication would be liable for review by the I&B ministry if contents of the publication undergo changes at a later date," the guidelines said.

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