Prior to the commencement of work in the warehouse the licensee or the licensees (hereinafter referred to as the licensee) shall deposit Rs. 250, (two hundred and fifty rupees) as cash security for the due observance of the conditions of the licence and shall also execute bond in the prescribed form pledging the warehouse premises and also the plants, utensils, apparatus and the stock of finished preparations that the bonded premises may contain at any time for the due discharge of all payments which may become due to Administration. In lieu of executing such a bond the licensee may deposit Government Promissory Notes, National Saving Certificates of such value as the Excise Commissioner may direct.
