Section 27

(2) A licence issued under this section,— (a) shall be in such form as may be prescribed, (b) shall be valid for such period as may be specified therein, (c) may be renewed, from time to time, and ~~(d) may contain such conditions, limitations and restrictions~~ as the Administrator may think fit to impose and different conditions, limitations and restrictions may be imposed for different classes of dealers. (3) Every licence issued under Part XIIA of the Defence of India Rules, 1962, or under the Gold (Control) Ordinance, 1968, 6 of 1968, authorising the commencement or carrying on of business as a dealer, 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. (4) A person who holds, at the commencement of this Act, a valid licence authorising him to commence or to carry on business as a dealer shall, if he intends to continue such business after the expiry of the period of its validity, make, at least one month before the expiry of such period, an application (in such form and on payment of such fees, not exceeding one hundred rupees, as may be prescribed) for the renewal of such licence. (5) A person who intends to commence, after the commencement of this Act, business as a dealer, shall make an application 1. Im. letter 26 of 1969, s.s (w.e.f. 3.7.69). CHAPTER VII DEALERS Licensing to of dealers. 27. (1) Save as otherwise provided in this Act, no person shall commence, or carry on, business as a dealer unless he holds a valid licence issued in this behalf by the Administrator.