(6)[ (a) No application for the issue of a licence to commence or carry on business as a dealer shall be granted unless the Administrator, having regard to such matters as may be prescribed in this behalf and after making such inquiry in respect of those matters as he may think fit, is satisfied that the licence should be issued.(b)No application for the renewal of a licence to carry on business as a dealer shall be rejected unless the holder of such licence has been given a reasonable opportunity of presenting his case and unless the Administrator is satisfied that-(i)the application for such renewal has been made after the expiry of the period specified therefor, of(ii)any statement made by the applicant at the time of the issue or renewal of the licence was incorrect or false in material particulars, or(iii)the applicant has contravened any term or condition of the licence or any provision of this Act or any rule or order made thereunder or of any other law for the time being in force in so far as such law prohibits or restricts the bringing into or taking out of India of any goods (including coins, currency, whether Indian or foreign, and foreign exchange) or the dealing in such goods by way of acquisition or otherwise, or(iv)the applicant does not fulfil the prescribed conditions.(c)Every order granting or rejecting an application for the issue or renewal of a licence shall be made in writing.][(6-A) Where the Central Government, having regard to the quantity of gold produced in India and the supply therein of gold through lawful channels, is of opinion that it is necessary or expedient in the interests of the general public so to do, it may, notwithstanding anything contained in this section, direct the Administrator to restrict or reduce the number of licensed dealers to such extent and in such manner as maybe specified by rules made in this behalf:Provided that no such rules shall come into force until the expiry of the period referred to in sub-section (3) of Section 114 and if, before the expiry of the said period, both Houses of Parliament agree in making any modification in the rule or both Houses of Parliament agree that the rule should not be made, the rule shall come into force only in such modified form or be of no effect, as the case may be.] [Inserted by Act 26 of 1969, (w.e.f. 3-7-1969).]
