(1) The period of bank guarantee as per sub-section (2) of section 11 of the Act shall be at least five years.
(2) One year before the expiry of the period of bank guarantee, the period of such bank guarantee shall be renewed for another period and submitted to the department.
(3) the merger of the licensees with one another to retain in the names of the licensees that were in the names of the licensees that existed before the merger in the names of the licensees that will continue after the merger; In case of overdraft from the concerned bank, the amount of such bank guarantee will be counted in the licensee's wadge guarantee which will be maintained after the maturity.
(4) For the purpose of sub-rule (3), when extending the bank guarantee, it should be done in such a way that the duration of the bank guarantee is maintained.