(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-fulfilment of any obligation by India under any international agreement;

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