Dear A-P-Dadoo ji,
Acetone is a Petroleum product of Class A category for which you need to obtain a licence for importing, transporting and storage if quantity exceeds 30 litres. Acetone is a hydocarbon / ketone.
This licence is issued under section 4 of The Petroleum Act, 1934 by Petroleum and Explosives Safety Organisation (PESO) formerly Department of Explosives, with its Head Office at Nagpur, Maharashtra.
Apart from this licence from PESO, you need to take permission from your local government also for storage of such product.