Section 20, Finance Commission (Miscellaneous Provisions) Act, 1951 [S1B-885]

20. Grant of licence.—(1) An application for a licence to undertake the drawing and disbursement of funds shall be made to the Comptroller and Auditor-General in Form GFR 12-A, accompanied by a fee of nil rupees. (2) The Comptroller and Auditor-General may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Comptroller and Auditor-General may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.