@ nikhilheb
I had applied for my licence in Mumbai in April and it took around 3 weeks for them to issue it , because they had not received the licence booklets from Delhi at that time. Try calling them on 022 28672351.
@ IndAir967
I think point 5 in this file will answer your query
http://www.wpc.dot.gov.in/DocFiles/copcircular1.jpg