(4)[ Every existing manufacturer shall be issued a fresh licence in Form VII, within a period of [three years] [Substituted by Notification No. 1342(E), dated 27.10.2017 (w.e.f. 15.7.2016).] of the notification of these rules, by the licensing authority and any permission or any exemption granted for procurement of raw materials to the existing manufacturers under the Arms Rules, 1962 or under the Industrial Development (Regulation) Act, 1951 or rules framed thereunder, shall be deemed to have been issued under the corresponding provisions of these rules.
