Possession of and transactions in liquor.

(1) No person not being a licensed manufacturer or dealer of any excisable article shall have in his possession any quantity of such article in excess of such quantity as the Government may, by notification, prescribe, except under the authority of a permit issued by the Commissioner and in accordance with the conditions, if any, therein. (2) Every dealer or vendor of any excisable article or foreign liquor shall maintain a full account of his transactions in such article or foreign liquor in the prescribed form.