CURRENT AFFAIRS

Detailed explanation-1: -Under patent law, a startup means an entity recognised as a startup by a competent authority under the Startup India initiative. Foreign startups may benefit if they fulfill the criteria for turnover and periods of incorporation and registration under the Startup India Initiative.

Detailed explanation-2: -The Ministry of Commerce and Industry announced on Friday that IP facilitator charges have increased by almost 50% for patent filing under the Startups Intellectual Property Protection (SIPP) scheme. For patents, the fee for application and filing has been increased to INR 15K from INR 10K.

Detailed explanation-3: -An applicant wishing to be declared as a small entity, has to file a declaration in Form 28, and furnish proof relating to the status of being a small entity. If an applicant wishes to file a new patent application, a form 28 should accompany form1.