(1) The duration of the license will remain for one financial year. After that, the renewal must be done within the month of Shravana by submitting an application to the Excise Officer along with the fee as per Rule 4 in the format as per Schedule-1.

(3) The licensee who fails to produce and import the license within the period specified in sub-rule (2) shall pay a fine of twenty-five percent within the first three months of exceeding such period, fifty percent within the next three months, seventy-five percent within the next three months and then 100 percent for the period up to the end of June for renewal.

(4) The production and storage license holder who does not renew within the period as per sub-rule (2) may renew the license by paying the renewal fee and fifty percent of the cancellation fee within the first three months of the expiry of such period and 100% within the next three months.

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(4a) The license of the licensee who does not renew within the period as per sub-rule (3) shall be automatically revoked.

(5) If a person transacts business without obtaining a license as per sub-rule (1), he shall also pay a fine as per the prevailing law after collecting the fee for obtaining and renewing the license. .