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The Union Cabinet today approved the following:
(a) the Foreign Direct Investment ceiling of 26 per cent may be retained, but investments by Non-Resident Indians/Overseas Corporate Bodies/Person of Indian Origin and portfolio investments by recognised Foreign Institutional Investors may be included in the Foreign Direct Investment limits for the news and current affairs segment.
(b) the facsimile edition of foreign newspapers and periodicals could be brought out subject to the following conditions:
(i) the facsimile edition could be brought out by an Indian entity, with or without FDI, and also by foreign companies owning the original newspaper provided they get incorporated and registered in India under the Companies Act, 1956 and with suitable safeguards to ensure that they comply with the Indian Laws.
(ii) the facsimile edition is brought out with the approval of the regulatory authority of the country of origin and is a standard publication in that country and is not specially designed for Indian readers.
(iii) these facsimile editions will not carry any advertisements aimed at Indian readers in any form.
(iv) prior permission from Ministry of I&B is obtained for publication of facsimile editions.
(c ) the existing policy disallowing publication of Indian editions of foreign newspapers may be continued.
(d) the present syndication limit of 7.5 per cent of total printed area under automatic route may be increased to 20 per cent. Cases above 20 per cent limit may continue to be considered in the Ministry of Information and Broadcasting on case by case basis.
YSR/DS/HS/LV
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