Section 3 in The Multimodal Transportation Of Goods (Amendment) Act, 2000
3. Amendment of section 4.-
In section 4 of the principal Act,-(i) in sub- section (3), for clause (a), the following clause shall be substituted, namely:-" (a)(i)that the applicant is a company, firm or proprietary concern, engaged either in the business of shipping, or freight forwarding in India or abroad with a minimum annual turnover of fifty lakh rupees during the immediately preceding financial yea or an average annual turnover of fifty lakh rupees during the preceding three financial years as certified by a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949 );(ii)that if the applicant is a company, firm or proprietary concern other than a company, firm or proprietary concern, specified in sub- clause (i), the subscribed share capital of such company or the aggregate balance in the capital account of partners f the firm, or the capital of the proprietor is not less than fifty lakh rupees.";(ii)in sub- section (3), after the proviso, the following provisos shall be inserted, namely:-" Provided further that any applicant who is not a resident of India and who is not engaged in the business of shipping shall not be granted registration unless he has established a place of business in India: Provided also that in respect of any applicant who is not a resident of India, the turnover may be certified by any authority competent to certify the accounts of a company in that country.";(iii)for sub- sections (4) and (5), the following sub- sections shall be substituted, namely:-" (4) A certificate granted under sub- section (3) shall be valid for a period of three years and may be renewed from time to time for a further period of three years at a time.(5) An application for renewal shall be made in such form as may be prescribed and shall be accompanied by such amount of fees as may be notified by the Central Government: Provided that such fees shall not be less than rupees ten thousand and shall not exceed rupees twenty thousand.(6)The competent authority shall renew the registration certificate granted under sub- section (3) if the applicant continues to fulfil the conditions as laid down at the time of registration.".
