(1) Subject to Sub-section (1) of Section 25 of the Act the validity of a License shall be as follows:
(a) Five years validity for a License to be issued pursuant to Sub-rule (5) of Rule 10,
(b) Period as prescribed in the License to be issued pursuant to Sub-rules (1), (2) and (6) of Rule 10.
(2) The Licensee who intends to renew the License shall submit an application to the Authority, accompanied with the renewal fee which he/she has undertaken for the License obtained pursuant to Sub- rules (1) and (2) of Rule 10, the renewal fee as prescribed in Schedule – 7 for the renewal of the License obtained pursuant to Sub-rule (5) and
(6) of Rule 10, ? Three months in advance of the expiry of the validity period of the License.
(3) A Licensee who does not renew the License within the time limit referred to in Sub-rule (2) submits an application, setting out the appropriate reasons for failure to renew the License, to the Authority for the renewal of the License within the time frame of License, and if the reasons are found to be appropriate, the Authority may renew the License upon charging an additional fee at the rate of Fifteen percent of the renewal fee.
(4) A Licensee who fails to renew License even within the time limit referred to in Sub-rule (3), such License shall not be renewed.