Foreign Trade (Regulation) Rules, 1993
10. Cancellation of a licence
The Director-General or the licensing authority may, by an order in writing, cancel any licence granted under these rules, if-
a. the licence has been obtained by fraud, suppression of facts or misrepresentation; or
b. (b the licensee has committed a breach of any of the conditions of the licence; or
c. the licensee has tampered with the licence in any manner; or
d. the licensee has contravened any law relating to customs or foreign exchange or the rules and regulations relating thereto.