Dear Colleague,
Labour License is understood as License under Contract Labour Act. The license is for a specific period ( from a date to a date). After that if you do not apply for renewal then, automatically the license validity will be over and you may directly apply for getting the security deposit back by sending intimation in the prescribed form Called " Notice of completion of Contract Work"
If the work is completed in between the period of license, then also you need to send the intimation under the CLRA " Notice of completion of Contract Work" in the form prescribed and get back he security deposit.
I am sharing the format under Central Rules. If you are part of State Rules, then see for similar form under the State Rules.
[FORM VI-A] [See Rule 25(2)(viii)] Notice of commencement/completion of contract work
I/We Shri/M/s. (Name and address of the contractor) hereby intimate that the contract work (Name of work) in establishment of (Name and address of principal employer) for which licence No , dated .. has been issued to me/us by the licencing officer (name of the headquarter), has been commenced/completed with effect from (date)/on (date).
Signature of Contractor
To
The Inspector,
..
..