Concerned over attempts to monopolise its traditional knowledge, India on Tuesday asked the United States to tighten its Intellectual Property Rights (IPR) regime and put in place proper disclosure norms for companies filing for patents.
"The US needs to take a re-look in its IPR rules and put in place proper disclosure norms," Department of Industrial Policy and Promotion Secretary Ajay Dua said at a luncheon meeting with US Under Secretary for International Trade Franklin L Lavin.
Dua said India's traditional system of knowledge is under threat because US companies do not sufficiently disclose their sources.
"Companies which are not even concerned with certain areas get patents," he said, adding, "India is concerned because we have also become generator of patents".
Talking about US's request to further open up India's financial sector, Dua said it was infact the US that was not allowing entry to Indian banks.
"There are a number of US banks in India," he said.
State Bank of India and Bank of Baroda have been trying to open offices in the US but necessary approvals are yet to be given by the authorities there.
{{/usCountry}}State Bank of India and Bank of Baroda have been trying to open offices in the US but necessary approvals are yet to be given by the authorities there.
{{/usCountry}}Dua also said that the Government has decided to bring down the minimum time limit to issue product patents to six months. Existing rules allow the Government up to three years to take a decision on patent applications.
"The new rules will be notified within a day or two," Dua said.