Indian Polity · Polity

Under statutory obligations of a licensee, what is the specific purpose of executing a Counterpart Agreement as mandated by Section 33 of the Excise Act?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1To serve as a solvency certificate for proving financial standing
2To provide a retrospective validation for the operation of Model Shops
3To act as a legal bond ensuring the licensee follows all prescribed conditions✓
4To define the quantity limits for distinguishing between wholesale and retail sales

Correct answer

To act as a legal bond ensuring the licensee follows all prescribed conditions

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