Grant and renewal of Licence

(1) Every application for grant of Licence under Section 4 shall be in such form and manner as may be prescribed and shall be accompanied by fee of Rs. 5,000 and Bank Guarantee of Rs. 1 lakh. (2) Controlling Authority may make such investigation in respect of the application received under sub-section (1) and in making such investigation the Controlling Authority shall follow such procedure as may be prescribed. (3) A Licence shall be issued on such terms and on such conditions as may be prescribed. (4) A Licence issued under this Section shall remain valid for a period of five years and may be renewed from time to time on payment of such fees and on such condition as may be prescribed.