(1)Save as otherwise provided in this Act, no person shall commence, or carry on, business as a dealer unless he holds a valid licence issued in this behalf by the Administrator.(2)A licence issued under this section,-(a)shall be in such form as may be prescribed,(b)shall be valid for such period as may be specified therein,(c)may be renewed, from time to time, and(d)[ shall be subject to such conditions and restrictions as may be prescribed.] [Substituted by Act 26 of 1969.](3)Every licence issued under Part XII-A of the Defence of India Rules, 1962, under the Gold (Control) Ordinance, 1968 (6 of 1968), authorising the commencement or carrying on of business as a dealer, shall, if in force immediately before the commencement of this Act, continue to be in force until the expiry of the period of its validity or until the cancellation thereof, whichever is earlier.(4)A person who holds, at the commencement of this Act, a valid licence authorising him to commence or to carry on business as a dealer, shall, if he intends to continue such business after the expiry of the period of its validity, make, at least one month before the expiry of such period, and application (in such form and on payment of such fees, not exceeding one hundred rupees, as may be prescribed) for the renewal of such licence.(5)A person who intends to commence, after the commencement of this Act, business as a dealer, shall make an application (in such form and on payment of such fees, not exceeding one hundred rupees, as may be prescribed) for the issue of a licence.(6)[ (a) No application for the issue of a licence to commence or carry on business as a dealer shall be granted unless the Administrator, having regard to such matters as may be prescribed in this behalf and after making such inquiry in respect of those matters as he may think fit, is satisfied that the licence should be issued.(b)No application for the renewal of a licence to carry on business as a dealer shall be rejected unless the holder of such licence has been given a reasonable opportunity of presenting his case and unless the Administrator is satisfied that-(i)the application for such renewal has been made after the expiry of the period specified therefor, of(ii)any statement made by the applicant at the time of the issue or renewal of the licence was incorrect or false in material particulars, or(iii)the applicant has contravened any term or condition of the licence or any provision of this Act or any rule or order made thereunder or of any other law for the time being in force in so far as such law prohibits or restricts the bringing into or taking out of India of any goods (including coins, currency, whether Indian or foreign, and foreign exchange) or the dealing in such goods by way of acquisition or otherwise, or(iv)the applicant does not fulfil the prescribed conditions.(c)Every order granting or rejecting an application for the issue or renewal of a licence shall be made in writing.][(6-A) Where the Central Government, having regard to the quantity of gold produced in India and the supply therein of gold through lawful channels, is of opinion that it is necessary or expedient in the interests of the general public so to do, it may, notwithstanding anything contained in this section, direct the Administrator to restrict or reduce the number of licensed dealers to such extent and in such manner as maybe specified by rules made in this behalf:Provided that no such rules shall come into force until the expiry of the period referred to in sub-section (3) of Section 114 and if, before the expiry of the said period, both Houses of Parliament agree in making any modification in the rule or both Houses of Parliament agree that the rule should not be made, the rule shall come into force only in such modified form or be of no effect, as the case may be.] [Inserted by Act 26 of 1969, (w.e.f. 3-7-1969).](7)(a)The Administrator shall specify, in each licence granted to a dealer, the premises in which such dealer shall carry on business and no other person shall carry on business as dealer in the said premises.(b)A licensed dealer shall not carry on business as such dealer in any premises other than the premises specified in his licence.(8)Every licensed dealer shall ensure that every artisan or other person employed by him complies, in the course of such employment, with the provisions of this Act or any rule or order made thereunder and of any other law relating to gold or foreign exchange for the time being in force.
