The global economy has gone through a great transformation in recent years .Worldwide integration of economy has provided new opportunities with many fresh challenges. In the post TRIPs and WTO era, various cases of patents and other IPR related issues show the new complexities for the countryside population which has sustained the cumulative body of knowledge, know-how, practices and representations known as TK for generations. Protecting the locality of products is imperative for any developing country. The fundamental concern of this paper is to underscore the incompatibilities between TK and IPRs in general (within some initiatives taken by India and Hungary) which has begun to surface with the rapid globalization and acceptance of concepts and standards for intellectual property. Paper traces steps taken for the protection of TK and argues for the wider protection of TK at WTO level.