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3. Grant of special license

(1) Where the Importer-Exporter Code Number granted to any person has been suspended or cancelled under sub-section (1) of section 8, the Director-General may, having regard to the following factors, grant to him a special license, namely:-

(1) that the denial of a special license is likely to affect the foreign trade of India adversely; or

(2) that the suspension or cancellation of the Importer-Exporter Code Number is likely to lead to non-fulfillment of any obligation by India under any international agreement;

(2) The special license granted to any person under sub-rule (1) shall be non-transferable.

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