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February 16, 2001 		Feedback  
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RBI disallows foreign funds in print media

The Reserve Bank of India (RBI) has withdrawn the facility for foreign investments (FIs) in the print media.

The apex bank on Friday issued a notification amending its May 2000 notice on foreign investment in the print media, RBI said in a statement in Bombay.

The RBI in consultation with the Government of India, has with immediate effect withdrawn the facility for acquisition of shares and convertible debentures of India companies engaged in print media sector for foreign venture capital investors, FIIs as also by non resident Indians (NRIs) and Overseas Corporate Bodies (OCBs).

The RBI statement said the restriction would also apply to investment by NRIs/OCBs on a non-repatriation basis.

This step follows the recent controversy over the initial public offering (IPO) by a city eveninger, which had earmarked a certain portion for FIs.

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