The Ministry of Industry, Commerce and Supplies is working on an online system to manage the registration and management of Intellectual property (IP).
Why it matters:
- The Patent, Design and Trademark Act 1965 and the Copyright Act 2002 govern IP cases. Violators can face a maximum fine up to Rs. 500,000.
- This online system will promote patent, trademark, design, and copyright protection of IP. Currently, due to the lengthy paperwork process, the ministry receives very few applications for registration of IP. So far, they have issued only 74 patents.
- The current situation of the IP laws has led to a large number of counterfeit products being sold in the market. So, the registration, reporting and monitoring of Intellectual Property will be done by a single entity, as per Industry Secretary Yam Kumari Khatiwada.
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