The Intellectual Property Rights (IPR) legal regime encompasses copy right, patent, trademark and design to safeguard and protect Traditional Knowledge (TK) of the Indigenous communities worldwide. It is argued that protection of TK can be best offered by IPR laws as it balances the interests of rights owners with larger public interest as well as it protects the creativity of human mind. The Indian state approved the IPR Policy in 2016 as per national needs and to conduct research works. However, the ethnographic findings from the tribal areas have strong evidences that the communities are legally disenfranchised from their IK, while at the same time seeing themselves as their legitimate custodians, owners and managers. Further, there are contradictions in international legislative framework and “local laws” to provide guidance over the management, access and use of expressions and manifestations of “traditional” culture. This anthropological study is among the Munda tribal community of Jharkhand, India to sort out two major objectives; first, how the commercial interest of the state and private parties have been the tentacles in the protection of TK of the tribal communities. The major issues studied are how bio-piracy, patenting of genetically modified organisms, patenting of plant varieties and patenting of traditional medicines are the major challenges to protect the traditional knowledge. Secondly, through community perspectives, it has critically analysed the relevance of IPR framework for the protection of TK. The economic anthropology of the legal frameworks informs that the TK links community identity and economic needs. Rather than easy access to IPR, our legal system is increasing the gap and globalization as an economic and cultural process has promoted private property. The IPR regime offers better protection, but in case of IK, needs to be modified for community ownership.