(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 on the application of the licensee on payment of [One Crore twenty lacs.] [Substituted for 'One Crore' by Haryana Notification No. S.O. 36/P.A. 1/1914/Ss. 21 and 59/2011, dated 1.4.2011 (w.e.f. 27.11.1963).]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 licensee six months' notice.(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.]
