Within a month, Ministry of I&B requests compliance of policy on FDI in digital media

CIOReviewIndia Team | Monday, 16 November 2020, 13:26 IST

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Within a month, Ministry of I&B requests compliance of policy on FDI in digital media

To comply with the decision of Union Government on 18th September 2019, Union Ministry of Information and Broadcasting has today issued a public notice to facilitate eligible entities involved in uploading/streaming of news and current affairs through digital media.

 

Entities having  foreign investment below 26 percent, an intimation to the Ministry of Information & Broadcasting within one month from today if they give details of the company/entity and its shareholding pattern along with the names and addresses of its directors/shareholders. 

Also one should give the names and address of Promoters/Significant Beneficial Owners. Furthermore, one should also give a permanent account number and the latest balance sheet along with the Auditor report and audited/unaudited profit and loss statement and for all foreign personnel likely to be deployed for more than 60 days in a year. 

Prior to their deployment, the entities are required to obtain security clearance by way of contract, appointment, or consultancy or any other capacity for functioning of the entity. 

Also, entities which currently have an equity structure with foreign investment exceeding 26 percent will also have to give all the required information as mentioned above.

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