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ELIGIBILITY – PETROL PUMP LICENCES | Company Vakil

ELIGIBILITY – PETROL PUMP LICENCES

If you’re interested in a Petrol Pump Licence and Franchise the Oil Marketing Companies have set up a number of new dealer selection procedures to make sure they adopt a clear and ethical selection business strategy. The applicants stages are:

• 1. Applicant Verification: All applicants are vetted in conjunction with the procedure eligibility pre-established measures.

• 2. Application Confirmations: For all applications that pass stage one they will move on to the next stage where the bidding procedure is decided by lots that are drawn.

For anyone with ambitions to become a petrol pump dealer the eligibility procedure is a very important bridge that needs to be crossed and we look at this eligibility procedure for applicants in this article.

The Four (4) Stages of Eligibility Criteria

• 1. Basic Requirements.
• 2. Education Requirement.
• 3. Land Requirement.
• 4. Investment Requirement.

Basic Requirements

An applicant, interested in applying for a petrol pump license and start a petrol pump, must be a citizen of India and actually live in India. This is one of the Income Tax rules. The qualification required, petrol bunk near me, to be classified as a resident of India, is that the person must have spent one hundred and eighty-two (182) or more days in India during the previous financial year.

There are also age limits that need to be considered. Applicants who are fifty-five (55) years old are considered too old for eligibility and, at the other end of the scale, the applicant must be at least twenty-one (21) years old. Applicants age confirmations include submitting the following documents but not all of them:

• A copy of 10th Standard Board Certificate or Secondary School Leaving Certificate.
• Birth Certificate.
• Passport.
• An affidavit for age confirmation.
• Identity card issued by Election Commission.

Educational Requirements

A basic education is required for an applicant making an application for a petrol pump dealership.

• Rural Areas: Applicants who are SC/ST or OBC must have passed the minimum requirement for the tenth (10) standard. For all other applicants, they must have achieved a minimum of ten (10) plus two (2) examination level under the open category procedure for rural petrol pumps /petrol bunk.

• Non-Rural Areas: In the open category procedure, for non-rural areas, university qualifications come into play and applicants must have a recognised qualification from universities incorporated by an Act of the Central or State Legislature in India. Or other educational institution established by an Act of Parliament. Or declared to be deemed as a University.

Therefore, for applicants in non-rural areas to qualify in the open category, they must have graduated as a Cost Accountant, Chartered Accountant, Company Secretary, or have an Engineering diploma.

Land Requirement

With the petrol pump dealer, Indian oil petrol pump, election process land is a major factor in which the applicants are first placed in two groups as follows:

• 1. Firm Offer for Land Purchas or Long Term Lease: Applicants who already have a suitable offer in place for a piece of land.

• 2. Already a Land Owner: For this scenario, the applicant already has a suitable piece of land, in the required location, and this can be as the actual landowner or with a long-term lease.

With the two groups mentioned above, different sets of documents are part of the procedure process and these documents must be submitted as part of the proof of ownership of the land or documents related to the intention to purchase the land. The actual land area itself must meet all the specified advertised requirements. In circumstances where an applicant is successful with their application to become a petrol pump dealer, they must develop the land in the required format up to the road level. This will include:

• 1. Cutting and Filling.
• 2. Good Earth.
• 3. Layer-Wise Compacted as per Standard Engineering Practices.

It is also a mandatory requirement, of a nearby petrol bunk, for the selected applicant to build retaining and compound walls that are a minimum height of one point five (1.5) metres. This must be designed in accordance with the site conditions.

Investment Requirement

All applicants must be able to prove that they have access to a minimum investment, essar petrol pump, of Rs. twenty-five (25) lakhs in cases of regular petrol pumps dealerships. For applicants in rural areas, the amount is Rs. twelve (12) lakhs to become a petrol pump dealer. The forms investment funds are as follows:

• 1. National Savings Certificates. Etc.
• 2. Funds in savings accounts, deposits with Bank/Registered Companies/Postal Schemes.
• 3. Shares of listed Companies in Demat Form.
• 4. Mutual Funds.
• 5. Bonds.

Note: The investment cannot be in cash or jewelry etc. Applicants,’ intending to use this kind of investment to fund their project, will be rejected. In addition, funds that are held in current bank accounts will not be considered. For an applicant to officially register their investment certificate they must obtain the document from an approved Chartered Accountant

The four (4) points mentioned above are part of the four (4) key factors for applicants to be aware of when they make an application for a petrol pump licence. Applicants, passing through all four (4) level, will then be allowed to progress to the next stage where luck plays a big part with decisions based on the luck of the draw for a petrol pump near my location.

If you have any questions about this article, or would like help with making an application for a Petrol Pump Dealership, please contact Company Vakil.

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