With web editions flooding the Internet, the UPA Government plans to tweak the country's media policy to allow foreign news and current affairs magazines to print their Indian version, without any restriction on reporting local news.

"In keeping with the spirit of the Cabinet decision of 13th September, 1955, it is proposed to allow publication of Indian editions of magazines publishing news and comments on public news i.e. periodicals falling in the news and current affairs category," says the proposal seeking Cabinet approval.

The Information & Broadcasting Ministry has proposed that the content allowed would be up to "100 per cent identical to the foreign magazine", with "the Indian publisher free to add local content". "The Indian publisher would also be free to insert local advertisements," say the proposed guidelines.

So far, only foreign scientific, technical and specialty magazines, periodicals and journals are allowed to print their Indian editions, with 100 per cent investment in the Indian-registered publishing firm. Indian editions of foreign news and current affairs magazines are not allowed, but foreign investors can take 26 per cent equity in Indian magazines.

However, permission would be granted only to Indian companies registered under the Indian Companies Act, with the largest Indian shareholder — individually or collectively — holding at least 51 per cent of the paid-up equity.

Foreign investment up to a maximum of 26 per cent would be permissible, with the cap including foreign direct investment from foreign entities, non-resident Indians, persons of Indian origin and portfolio investments by recognised foreign institutional investors.

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