The use of bioresources by multinational companies and other organizations without proper authorization from the countries and people concerned without compensatory payment is called:

Given below are two statements:
Statement $I$: The Indian Government has set up $\text{GEAC}$ which will make decisions regarding the validity of $\text{GM}$ research.
Statement $II$: Biopiracy is the term used to refer to the use of bio-resources by native people.
In the light of the above statements,choose the correct answer from the options given below:

Why is protection of traditional knowledge necessary?

While creating genetically modified organisms,genetic barriers are not respected. How can this be dangerous in the long run?

Mishandling of genetic engineering may cause:

Which of the following is the correct option for biopiracy?
$(I)$ Use of bio-resources by multinational companies and organizations without proper authorization from the country and people concerned,and without compensatory payment.
$(II)$ Traditional knowledge related to bio-resources can be exploited.
$(III)$ Nations are developing laws to prevent the unauthorized exploitation of their bio-resources.