(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 by the [Excise Commissioner with prior approval of the Financial Commissioner] [Substituted vide Punjab Notification dated 16.4.1999.] on the application of the licensee on payment of [rupees eighty lakh] [Substituted by Punjab Notification No. G.S.R. 15/P.A.1./1914/Ss. 21. and 59/Amd. (64)/2018, dated 22.3.2018]]:Provided that such a license may be cancelled for breach of the terms thereof or may be determined by the [Excise Commissioner with prior approval of the Financial Commissioner] [Substituted vide Punjab Notification dated 16.4.1999.] after giving the licensee six months notice.(2)An application for the renewal of the license shall be made by the licensee to the Excise Commissioner as so to reach him at least 90 days before the expiry of the old license:Provided that if such application is not made within such period, the [Excise Commissioner with prior approval of the Financial Commissioner] [Substituted vide Punjab Notification dated 16.4.1999.] may renew the license, on payment off the fee chargeable for a new license.
