(4)(a)The holder of a valid No Objection Certificate may apply to the Director-General for issuance of approval of the FTO in the prescribed format along with a fee of two lakh rupees.(b)The Director-General may, on being satisfied that all the requirements pertaining to the setting up of a FTO have been complied with, grant an approval to the FTO subject to such conditions as may be specified in the approval.(c)The approval so granted shall, unless suspended or cancelled, remain valid for a period not exceeding five years and on being satisfied with the performance of FTO during this period, the Director-General may renew the approval for a period of two years at a time on payment of a fee of one lakh rupees, subject to such terms and conditions as may be specified by the Director-General:Provided that after the 13th January, 2015, in case of a FTO holding approval of the Director-General prior to said date, the first renewal may be carried out for a period of five years on payment of a fee of two lakh rupees.
