By Express News Service
NEW DELHI: The Information and Broadcasting Ministry has decided to incentivise the shooting of foreign films in India and foreign co-productions with two new schemes, aimed at making India a favourite destination for international filmmakers.
Union I&B Minister Anurag Thakur on Wednesday announced that for co-productions, international film production companies can claim a reimbursement of up to 30 per cent on qualifying expenditure in India, subject to a maximum of Rs 2 crore.
Foreign filmmakers shooting in India can claim an additional 5 per cent bonus up to a maximum of Rs 50 lakh as additional reimbursement will be granted for employing 15 per cent or more manpower in India. Reimbursement will be divided among the producers as per their respective share of the financial contribution for the project. The minister made the announcements at the inauguration of India Pavilion at Cannes ‘Marche du Film’.
To avail the benefits, a project must have been granted a ‘Co-Production’ status by the ministry and the participating country under one of India’s bi-lateral co-production treaties on audio-visual co-production.The incentives will be disbursed in two stages.
The final claim can be made once the project is complete in India. Incentives will be provided on the recommendation of a special committee and can be claimed under either of the schemes, not for both, a statement said. Guidelines will be available on National Film Development Corporation website.
