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Once a license has been issued, there is no further required connection to validate that license. Because of this there is no way to revoke a license after it has been issued.
If you want to increase the time period of the license you can do this as a new transaction, but the current handling of this within ADE (and most other RMSDK) applications will be to download the file again, leaving the user with one file that has the old license, as well as any annotations that they have done, and a file with the new license. If you are using your own RMSDK application it may be possible to update the license of the old file (after sufficient tinkering both with the code and with getting Adobe approval for the changes).
any idea if this is something that will be available in the future ? being able to dynamically issue and change licenses ? like in a content lease or rental scenario ?
Well I wouldn't expect license revocation from Adobe any time soon - as they way licenses function is fundamental to ACS4. You could potentially do something with the loan tokens - similiar to how libraries work.
As for the rest I would ask Adobe for this as a feature.
I tried that but it is not working for me. I created a license for one hour and downloaded that file in ADE. After one hour when it was expired i created a new license with new transaction id for the same book which is now 2 hours. I downloaded new book seprately in ADE. Now i am able to open new book but not the expired (old) one. Plesae suggest.
I'm not sure I understand your problem vjppi, the way you described it is the way that it's supposed to work (you can't open content using an expired license, but you can without an expired license).