(1) The Central Government may levy fees, subject to such exceptions, in respect of such person or class of persons making an application for ¹ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] of in respect of any ¹ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] granted or renewed in such manner as may be prescribed.

² [(2) The Director General or an officer authorised by him may, on an application and after making such inquiry as he may think fit, grant or renew or refuse to grant or renew a licence to import or export such class or classes of goods or services or technology as may be prescribed and, grant or renew or refuse to grant or renew a certificate, scrip or any instrument bestowing financial or fiscal benefit, after recording in writing his reasons for such refusal.]

(3) A ¹ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] granted or renewed under this section shall—

(a) be in such form as may be prescribed;

(b) be valid for such period as may be specified therein; and

(c) be subject to such terms, conditions and restrictions as may be prescribed or as specified in the ¹ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] with reference to the terms, conditions and restrictions so prescribed.

(4) The Director General or the officer authorised under sub-section (2) may, subject to such conditions as may be prescribed, for good and sufficient reasons, to be recorded in writing, suspend or cancel any ¹ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] granted under this Act:

Provided that no such suspension or cancellation shall be made except after giving the holder of the ³ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] a reasonable opportunity of being heard.

(5) An appeal against an order refusing to grant, or renew or suspending or cancelling, a ³ [licence, certificate, scrip or any instrument bestowing financial or fiscal benefits] shall lie in like manner as an appeal against an order would lie under section 15.

1 Subs. by s. 9, ibid., for "licence " (w.e.f.27-8-2010).
2 Subs. by s. 9, ibid., for sub-section (2) (w.e.f.27-8-2010).
3 Subs. by Act 25 of 2010, s. 9, for "licence " (w.e.f.27-8-2010).