8. [ [Legislative Supplement Part III dated 30.3.1994.]
(1)A license granted under these rules will 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 on application on the payment of [one crore] rupees:]Provided that such a license may be cancelled for breach of the terms thereof or may be determined by the Financial Commissioner after giving the license six months' notice.(2)An application for the renewal of the license shall be made at least 60 days before the expiry of the old license :[Provided that if such application is not made within such period, the Financial Commissioner may renew the license on payment of the [renewal fee as specified under sub-rule 1 and such penalty not exceeding Rupees two lakh] [Legislative Supplement Part III dated 24.2.1988.] as he may having regard to the merits of the case deem fit]
