The compound interest on $\text{Rs. }30000$ at $7\%$ per annum is $\text{Rs. }4347$. The time period (in years) is:

Given parameters:
* Principal ($P$) $=\text{Rs. }30000$
* Rate ($R$) $=7\%$ per annum
* Compound Interest ($\text{CI}$) $=\text{Rs. }4347$

The total Amount ($A$) is:

$$A=P+\text{CI}=30000+4347=\text{Rs. }34347$$

The formula for compound interest amount is:

$$A=P\times {\left(1+\frac{R}{100}\right)}^T$$

$$34347=30000\times {\left(1+\frac{7}{100}\right)}^T$$

$$\frac{34347}{30000}={\left(\frac{107}{100}\right)}^T$$

$$\frac{11449}{10000}=(1.07{)}^T$$

$$(1.07{)}^2=(1.07{)}^T$$

Comparing the exponents, we get $T=2\text{years}$.