(2)An application for the renewal of the license shall be made at least 60 days before the expiry of the old license :[Provided that if such application is not made within such period, the Financial Commissioner may renew the license on payment of the [renewal fee as specified under sub-rule 1 and such penalty not exceeding Rupees two lakh] [Legislative Supplement Part III dated 24.2.1988.] as he may having regard to the merits of the case deem fit]
