(1)A license granted under these rules shall be valid for a period of one year from the date of issue unless it is cancelled determined or surrendered earlier and shall be renewable annually by the [Excise Commissioner with prior approval of the Financial Commissioner] [Substituted vide Punjab Notification dated 16.4.1999.] on the application of the licensee on payment of [rupees eighty lakh] [Substituted by Punjab Notification No. G.S.R. 15/P.A.1./1914/Ss. 21. and 59/Amd. (64)/2018, dated 22.3.2018]]:Provided that such a license may be cancelled for breach of the terms thereof or may be determined by the [Excise Commissioner with prior approval of the Financial Commissioner] [Substituted vide Punjab Notification dated 16.4.1999.] after giving the licensee six months notice.
