(1) The term of the permit shall be for a maximum of thirty years as stipulated in the agreement. But–,
(a) According to clause (g) of section 9 of the Act, the period of investment will not be fixed.
(b) The Board may prescribe different periods of permits for investments in different sectors, considering the nature of the investment.
(2) Notwithstanding anything written in sub-rule (1), if there is a provision in the agreement that the period of the permit can be extended, if the investor makes an application to extend the period of the permit, the board may extend the period of the permit for a maximum of five years.