Rich and varied biodiversity, accompanied by an extensive traditional and contemporary knowledge system makes India one of the most diverse nations in the world in this regard. In recognition of this the Biological Diversity Act 2002, which implements the objectives of the UN Convention on Biological Diversity 1992, came into force on February 5 2003 with the purpose of conserving India's biological diversity and promoting the sustainable use of its components, as well as fair and equitable sharing of the benefits arising from the use of biological resources and knowledge. The act facilitates the sharing of benefits arising from the commercialisation of an IP right with local communities where this is based on a biological resource obtained from India.
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