Crores of Indians' money is sleeping in the form of Swiss Bank Accounts, and the western media pacing ahead with its money into India.. Forbes Media recently got approvals and now it is SPECTATOR.. I don't need to tell you what will be the effect of these entries, you know better.. read the details here..

The Ministry of Information and Broadcasting has approved publication of Indian edition of the foreign magazine ‘SPECTATOR’ under title “SPECTATOR INDIA”, dealing with News and Current Affairs by M/s Telegraph Publications Private Limited, subject to the following conditions: 

(i) That M/s Telegraph Publications Pvt. Ltd. is being allowed to enter into financial arrangements (such as royalty payment arrangements, etc.) with the owners of the foreign magazines subject to the rules and regulations of the Government of India issued on the matter from time to time.

(ii) That M/s Telegraph Publications Private Limited shall inform the Ministry of Information & Broadcasting within 15 days of effecting any changes in the composition of resident Indian Directors or key executives and editorial staff.  Such a change would be subject to post facto approval of the Ministry of Information & Broadcasting.

(iii) That M/s Telegraph Publications Private Limited shall be liable to intimate the names and details of any foreigners/NRIs/PIOs proposed to be employed/engaged in the Entity for more than 60 days in a year, either as Consultant or as regular employees or in any other capacity. The Entity shall be liable to dispense with the services of such persons if subsequently found to be not cleared from security angle.

(iv) That M/s Telegraph Publications Private Limited shall obtain prior clearance from the Ministry of Information & Broadcasting of all persons not being resident Indians who are proposed to be inducted in the Board of Directors/Key Executives/Editorial Staff of the company.

(v) That M/s Telegraph Publications Private Limited shall inform about any subsequent changes in the License Agreement/Financial Arrangement with the foreign entity for publishing Indian edition of the foreign magazine.

(vi) That at least 3/4^th of the Directors on the Board of Directors of the Indian company M/s Telegraph Publications Private Limited and all key executives and editorial staff should be resident Indians.

(vii) That M/s Telegraph Publications Private Limited shall be subject to all the relevant laws and guidelines applicable to Indian Newspapers and their publishers.

(viii) That clearance as required under the Press and Registration of Books Act, 1867 be obtained from the Registrar of Newspapers for India.

(ix) That clearance as required from Project Approval Board in the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry regarding royalty payments to M/s Press Holdings Media Group, London, UK shall be obtained by M/s Telegraph Publications Private Limited. 

(x) That the Government of India, Ministry of Information & Broadcasting shall have the right to suspend/withdraw/cancel the permission of the company for a specified period or for whole time, if the conditions specified in the grant of permission is violated or in public interest or in the interest of national security. 

(xi) M/s Telegraph Publications Private Limited shall stop publication of the Indian edition of the magazine whenever approval for such publication is suspended/withdrawn/cancelled by the Ministry of Information & Broadcasting.

(xii) That M/s Telegraph Publications Private Limited shall permit the Government agencies to inspect the facilities required for publishing Indian edition of foreign magazine, as and when required.

(xiii) That M/s Telegraph Publications Private Limited shall supply copies of every issue of the magazine “SPECTATOR INDIA”, each to Director, Research Reference & Training Division, M/o Information & Broadcasting, Room No. 447, Phase-IV, Soochana Bhawan, Lodhi Road, New Delhi and to Director (IP), Ministry of Information & Broadcasting, Room No. 760, ‘A’ Wing, Shastri Bhawan, New Delhi so as to reach within a week of their publication.

 Spectator India would be the second such magazine allowed publication in the category of News and Current Affairs. In May 2009, Forbes India of M/s Digital 18 Media Private Limited has started its publication.