New Delhi, September 18, 2008 (IANS)

The Indian government Thursday further relaxed its media policy by allowing foreign news magazines to have Indian editions. A cabinet notification said such publications would cover those falling in the news and current affairs category. However, permission would be granted only to those Indian companies registered under the Indian Companies Act, 1956, an official statement said.

The publishers of such editions would be eligible for 26% foreign direct investment, it said.The notification said the decision would provide Indian readers access to foreign magazines at cheaper rates in comparison to the same magazines imported at much higher rates.

Outlining the broad parameters for granting such permission, it said the Indian companies would be allowed to enter into financial arrangements with the owners of the foreign magazines.

Permission would be conditional on at least three-fourth of the directors on the Board of Directors of the applicant Indian company and all key executives and editorial staff being resident Indians.

The title of the magazine should be verified and subsequently registered by the Indian company from the Registrar of Newspapers for India. The content would be allowed to be up to 100 percent identical to the foreign magazine concerned and the India publisher would be free to add local content. The Indian publisher would also be free to insert local advertisements.

Permission would be granted for publication of only such magazines being published in the country of their origin. In addition, they should have been published continuously for a period of at least five 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.