(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.
