(1) In accordance with Rule 28, the licensed company shall submit an application to the department or office that issued such license by the end of October every year to renew the license it has received:-
(a) Compensatory statement of income for the last financial year or copy of tax payment certificate for the previous financial year,
(b) Evidence of submission of details under rule 31,
(c) If a bank guarantee was kept at the time of taking the licence, proof of renewal of such bank guarantee,
(d) Renewal fee as per Schedule-8.
(2) If the labor supplier who does not renew the license within the period as per sub-rule (1) applies for renewal within the same financial year, the department or office may renew such license by charging an additional fee equal to ten percent of the renewal fee for each month of the due date.