Section 4 in Punjab Excise Bonded Warehouse Rules, 1957
4.
The license may be granted or renewed on payment of [rupees two lakh] [Substituted for 'rupees one lakh' vide Punjab Government Notification No. G.S.R No. 71/P.A 1/14/Section 59/Amd.(15)/2003 dated 28.3.2003.] as license fee for a period not exceeding one year and the 31st March, following the date of grant:Provided that before the grant on renewed of the license, the licensee shall be required to furnish a security in addition to one mentioned in rule 3 equivalent to 25 per cent of the amount or Excise Duty on the maximum quantity of foreign liquor allowed to be stored at any one time. This security shall be furnished in cash, or in the shape of saving certificates or bank guarantee of a scheduled bank or in the shape of saving certificates or bank guarantee of a scheduled bank or by hypothecation of assets. The maximum quantity of liquor allowed to be stored by the licensee shall be fixed by the Financial Commissioner on an application made by the licensee before the grant or renewal of the license.
