(1) The company intending to renew the license shall submit the application at the Department at least three months
before the date of expiry of the license enclosing the certificate of tax clearance and Rupees hundred for the application fee.
(2) If the Department receives an application pursuant to Subsection (1), it shall renew the license with a charge of Rupees ten thousand for renewal fee provided that it finds justifiable to renew the license on the verification of the application.
(3) Notwithstanding anything written in the Subsection (1), if the company submits application for renewal of license enclosing the documents and fee pursuant to Subsection (1) within three months of the date of expiry of the license, showing valid reasons for its inability to get renewed of the license within the period stated in the Subsection, the
Department shall renew the license with a charge of double the fee as stated in the Sub rule (2), provided that it finds justifiable to renew the license on the verification of the application.
(4) The license renewed pursuant to these Rules shall remain valid for five years.
(5) The license of the company that does not get renewed within the period mentioned in the Subsection (3) shall be null and void automatically.