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Cabinet nod for facsimile edition of foreign newspapers

Thursday 16 June 2005

Special Correspondent

NEW DELHI: The Union Cabinet on Thursday decided to facilitate greater foreign presence in the print media. This will be done by allowing printing of facsimile editions of foreign newspapers and periodicals and increasing the syndication limits in Indian newspapers.

Also, greater flexibility has been allowed for foreign investment in the print media within the existing 26 per cent ceiling. This is expected to provide more avenues for Indian entities to overseas funds.

As against the prevailing print media policy, wherein only 26 per cent foreign direct investment (FDI) is allowed, the Cabinet has decided to permit investments by non-resident Indians, overseas corporate bodies and persons of Indian origin and portfolio investments by recognised Foreign Institutional Investors within the existing ceiling. While facilitating greater foreign participation, the Cabinet decided to continue with the policy of not allowing Indian editions of foreign newspapers. Foreign participation in the print media was allowed for the first time in 2002 by the National Democratic Alliance Government.

Thursday’s decisions were taken on the recommendations of the Group of Ministers, which was set up in September 2004 to take a comprehensive look at the print media policy and "the violations that may have occurred over time."

See online : The Hindu

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