(2)A permit issued under section 17 of the Act shall be in Form VIII and shall be valid for a period of [one year] from the date of its issue or till the recruitment of the persons for whose recruitment such permit is issued is completed, whichever is earlier.[(2-A) The permit shall be issued only after the applicant furnishes a bank guarantee of ten thousand rupees for every person intended to be recruited subject to a minimum of one lakh rupees and a maximum of twenty lakh rupees, valid for a period of one year over and above the duration of the employment contract.] [ Inserted by G.S.R. 511(E), dated 9.7.2009 (w.e.f. 9.7.2009).]
