Trademark laws in India
Trademark is a distinct sign which symbolises the value or goodwill associated with the goods and services which can be assessed by the extent to its perception in the public mind with regards to its quality and specific source.
The Trademark Act 1940, was the first statute on Trademark in India later The trade and merchandise Act 1958 was in force which was again revised by the new Trademark Act 1999 governed by Trademark Rules 2002, and this new act is fully compatible with the international standard of TRIPS Agreement. The latest Act of Trademark has implied a check on the unfair business practices.
The purpose of Trademark can be categorized in the following aspects:
Distinguishing one’s good and services from those of another
Goodwill in market
In this competitive world it has become important to establish something unique which can be perceived by the public. Trademark works at an international scale to maintain the equal standards of protection for everyone. Most people believe that registering a business or company name gives them exclusive ownership of that name but that’s a myth, Trademark is a safer way to achieve exclusive right of ownership.