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Section 12
Duration and renewal of license
: (1) The license shall be valid for one financial year except in the case of cancellation as per section 13. Regardless of the date on which the license is granted, the term of such license shall expire at the end of that financial year.
(2) The licensee who wants to renew the license can renew the license by submitting the specified details and fees within the specified time in each financial year.
(3) Notwithstanding anything contained in sub-section (1) or (2), a licensee may renew his license for three financial years by paying the three-year renewal fee at once.