Foreign magazines with news and current affairs content can now have their India editions

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with 26 per cent foreign direct investment. The Union cabinet on Thursday took this decision that is set to add vitality to an already thriving print media industry in the country. The decision would allow foreign magazines to enter Indian media market with both local and global content and would benefit publications like The Economist of the UK, American news magazines Time and Forbes, which have already announced plans for India.

So far, these magazines were allowed to bring out only facsimile editions, which are costly. "The decision will provide Indian readers access to foreign magazines at cheaper rates in comparison to the same magazines imported at much higher rates," said information & broadcasting minister Priyaranjan Dasmunsi.

According to the new directive, the publisher of a foreign magazine would own 74 per cent stake in it. However, the permission to publish such editions would be granted only to those that are registered under the Indian Companies Act, 1956. Permission would be granted on the condition that such magazines should be published in the country of their origin. Also, at least 3/4th of the directors on the board of the applicant Indian company and all key executives and editorial staff have to be resident Indians.

The Cabinet also gave its nod to ink Double Tax Avoidance Agreement (DTAA) and Prevention of Fiscal Evasion Pact with respect to taxes on income with Latvia to stimulate flow of investments, technology and professionals between both the countries. "It would provide tax stability and reduce obstacles to mutual cooperation," Dasmunsi said. In another major decision, the government approved import of one million tonnes of pulses annually from Myanmar to ensure price stability in the domestic market.

The cabinet also gave its permission to provide social security benefits to Indians working in France, giving them various benefits, including avoidance of double social security contribution by the workers there. The government also approved signing of an air services agreement between India and Maldives to boost bilateral trade between both the nations. It also approved the signing of a memorandum of understanding between India and Bahrain for labour and manpower development.

Moreover, the cabinet allowed the signing and ratification of an agreement on transfer of convicts between India and Israel. The cabinet also gave a green signal to amend the Agricultural and Processed Food Products Export Development Authority Act (APEDA Act) to arm it with the authority for registration and protection of intellectual property rights or other similar rights.

Meanwhile, the cabinet committee on economic affairs (CCEA) gave its approval to provide fiscal support of Rs 79.70 crore for clearing the outstanding statutory dues, salary and wages for a period of 5 months from January 1, 2008 to May 31, 2008 for 10

loss-making public sector enterprises under the Department of Heavy Industries.