The Government on Wednesday removed the cap on foreign investment in non-news publications.
The existing investment limit, allowing a maximum of 74 per cent foreign equity in Indian entities publishing scientific/technical/specialty magazines/periodicals and journals, has been scrapped and up to 100 per cent foreign equity has been permitted, according to an official release.
In case where both foreign direct investment (FDI) and portfolio investment by foreign institutional investors investment is envisaged, the investor would have to approach the Foreign Investment Promotion Board and the Reserve Bank of India, respectively, for clearance after obtaining the no-objection certificate from the Ministry of Information and Broadcasting.
In cases involving only portfolio investment, the applicant may approach the RBI for further clearance, if any, after obtaining NOC from the Information Ministry.
Guidelines of the Ministry of Finance on FDI and portfolio investment would apply.
Title verification shall continue to be done by the Registrar of Newspapers for India as per the existing procedure, the release added.