(2)An application for the renewal of the license shall be made at least [60] [Legislative Supplement Part III dated 7.10.74.] days before the expiry of the old license:[Provided that if such application is made after the expiry of the stipulated period, the Financial Commissioner may renew the license on payment of such penalty which may not less than one lakh and more than two lakh rupees] [Substituted vide Notification No. G.S.R. 28/P.A. 1/14/Ss. 21 and 59/95, dated 15.1.1995.]
