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Dear Tapan,
Your labour license is linked to your Principal Employers registration who are using services provided by you. So, if there is a decrease in your employee strength but your contract is current you cannot surrender your license. Remember the last twelve month clause?!
Good luck.
Colonel Gahlot
'TRURECRUIT'

From India, Delhi
How to apply renewal of labour licence first time online in Gujarat and what are the documents to be attached with?
From India, Ahmedabad
Can i renew labour licence after 4/5 months of issuing of labour licence ?
From India, Bhubaneswar
The renewal of licence is in your case is due on 31/12/2018.The validity period of licence is 12 month from the date of issue. The renewal of licence is to be done prior to 30days of expiry. Well you can contact me over 8093097934.
From India, Mumbai
If you feel that licence is not required then under Rule 31 make application for . Refund of security.— i.e (1) (i) On expiry of the period of licence the contractor may, if he does not intend to have his licence renewed, make an application to the licensing officer for the refund of the security deposited by him under rule 24. (ii) If the Licensing Officer is satisfied that there is no breach of the
conditions of licence or there is no order under section 14 for the forfeiture of security or any portion thereof, he shall direct the refund of the security to the applicant. This way you can prove that you don't need a licence.


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