Explanation:

Geographical Indication (GI) tag

• It is an indication which is definite to a geographical territory.
• It is used for agricultural, natural and manufactured goods.
• The goods need to be produced or processed or prepared in that region.The product must have a special quality or reputation.
• The Geographical Indications of Goods (Registration and Protection) Act, 1999 provides registration and also protection of GI goods in India.
• The Geographical Indications Registry for India is located in Chennai.
• Patents and trademarks are owned by an individual or a business entity. A registered GI tag prohibits a third party to use such products.

Hence both statements are correct.