Abstract:
Traditional Knowledge is the wealth which we have gained from our ancestors. It is the actual wealth which gives many people the way to earn for their livings. Our ancestors have basically granted this knowledge in oral form and most of the knowledge and practice associated to it are not in records or documented form. The knowledge can belong to any single family or society or community. Due to which there is no single owner of this knowledge. So, it becomes very easy for the other developed nations to take out the information about this knowledge from anybody from this community or indigenous people, which ultimately hampers the whole community. This article is an attempt to highlight the contemporary challenges to traditional knowledge and also it is the high time for Indian Government, to develop a legislation that specially takes care about the security of traditional knowledge and to stop bio piracy and misappropriation of the traditional knowledge. The proposed legislation must contain certain provisions related to benefit sharing, so that original knowledge holders can also get in return of sharing the knowledge.
