Section 8 in Veterinary Council of India (Procedure for recognition and de-recognition of Veterinary Colleges and Veterinary Qualifications) Rules, 2017
8. Letter of Permission.
(1)The Letter of Permission shall be granted for the first two academic years in the first instance and the Veterinary College shall only be allowed to admit students for the first and second academic years.(2)The grant of the Letter of Permission shall be subject to the applicant satisfying requirements stipulated in the Letter of Intent and, in case of applicants not falling under clauses (i) and (ii) of rule 4, furnishing a bank guarantee for an amount of Rs. 5,00,00,000/- (Rupees Five Crores only) in favour of 'Veterinary Council of India' from a Scheduled bank situated in Delhi and which shall initially be valid for a period of five years and thereafter, the said bank guarantee shall be extended from year to year by the applicant and shall at no point of time be allowed to lapse.(3)In case of applicants not falling under clauses (i) and (ii) of rule 4, the grant of the Letter of Permission shall also be subject to the applicant furnishing adequate documentary proof of having created a fixed deposit for a minimum duration of two years with a Scheduled bank equal to the amount of estimated annual salaries payable to the faculty proposed to be employed by the Veterinary College during its second academic year.
