"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.

"Permission would be conditional on at least 3/4th of the directors on the Board of Directors of the applicant Indian company and all key executives and editorial staff being resident Indians," say the guidelines.

Magazines that are published in the country of their origin with a publishing track record of at least five years and a circulation of at least 10,000 paid copies would get permission, provided these credits are certified by their government or any certifying agency.

The ministry's argument for relaxing the entry is that a restriction on printing an Indian edition had become redundant with the advent of latest communication technologies such as the Internet and satellite channels. "It is therefore felt that, in the changed scenario, the restriction on publication of Indian editions of foreign news and current affairs could be relaxed."

The entry would allow foreign publications a slice of India's magazine market that was estimated at Rs 1,900 crore in 2007. The print media industry, including advertising and subscription, was pegged at Rs 14,900 crore last year, growing at 16 per cent.

For Indian readers, this would mean access to foreign magazines at much cheaper rates compared to their imported originals. "The Indian reader would be benefited immensely as he/she would be able to keep abreast with the latest events and happenings on the global scale," it says.

However, I&B is silent on how it would treat publication of foreign newspapers. I&B officials declined to talk but media experts say newspapers could also make an entry considering that the Press & Registration of Books Act recognises a newspaper as "any printed periodical work containing news or comments on public news".

Facsimile copies of foreign newspapers are allowed, but without local content or ads, to somewhat cater to an individual's fix for a hard copy every morning.