(3)Every licence issued under Part XII-A of the Defence of India Rules, 1962, or under the Gold (Control) Ordinance, 1968 (6 of 1968) authorising the establishment of a refinery or carrying, on of business as a refiner, shall, if in force immediately before the commencement of this Act continue to be in force until the expiry of the period of its validity or until the cancellation thereof, whichever is earlier.
