The norms for having non-resident Indians on the roll-call of newspapers and news and current affairs publications registered under Section 4A of the Companies Act have been slightly relaxed by the Ministry of Information and Broadcasting.
Stringent rules prevailed for appointment of consultants, senior
journalists and reporting staff from amongst foreigners and non-resident
Indians by a publication house with an Indian holding of at least
51%. Formal permission was required from the government for such
appointments.
However, with this amendment, overseas Indians
can be appointed, pending clearance from the I and B ministry.
However, in case the application is not approved by the I and
B ministry after the provisional appointment, the services of
the individual would have to be terminated.
The new laws call
for intimation of the full particulars of the NRI to be appointed
either as a consultant for more than 60 days in a year or as
an employee, to the Ministry.
The same guidelines shall now also apply to publications of
facsimile editions of foreign newspapers.
The print media has
proposed a raise above the present 26% cap on foreign investment,
FDI, portfolio investment by established foreign institutional
investors or by non-resident Indians and persons of Indian origin.
Parliamentary approval is awaited in the matter.
