3. Grant of special licence. (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 licence, namely;-
(1) That the denial of a special licence 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;
(3) The special licence granted to any person under sub rule (1) shall be non transferable.
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