The Government may, on the recommendation of the Council, exempt any manufacturer or dealer from all or any of the provisions of this Act. The power to grant exemption, shall, however, be limited to the stocks held by a manufacturer or dealer on the date of commencement of this Act :
Provided that it shall be the responsibility of such manufacturer or dealer to get such stocks inspected by the Inspector appointed under this Act and a proper inventory drawn up of such stocks with periodic intimation of the Chief Inspector as to the disposal of such stocks :
Provided further that the manner of submission of periodic reports and drawing up of the inventory and other connected matters shall be regulated in such manner as may be prescribed.