Section 8(2) in Veterinary Council of India (Procedure for recognition and de-recognition of Veterinary Colleges and Veterinary Qualifications) Rules, 2017
(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.
