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GOVERNMENT SEEKS COMPLIANCE ON FDI POLICY FOR DIGITAL NEWS MEDIA

Updated on:16th Nov, 2020
NEW DELHI : The ministry of information and broadcasting has asked digital news media outlets to comply with conditions that make them eligible for 26% FDI (foreign direct investment) approved by the Union Cabinet last year. In a statement issued Monday, MIB sought compliance of its earlier orders from digital news portals and websites, aggregators and agencies. To enable eligible entities to comply with the government decision, they are required to take certain steps, MIB said. For instance, companies with FDI below 26% have to intimate the ministry within the next month, with details of shareholding pattern, names of directors and promoters, confirmation with regard to compliance with pricing, documentation and reporting requirements under the FDI policy, and Foreign Exchange Management Rules, PAN, latest profit and loss balance sheets along with auditor report.
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