"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".

... contd.