Page 135 - The Motor Vehicles Act, 1988

SECTION 164C THE MOTOR VEHICLES ACT, 1988 121

(5) In all cases specified in clause (a) of sub-section (3), when the claim of such
person becomes payable, where amount has been paid out of this Fund to any person,
the same amount shall be deductible from the claim received by such person from the
insurance company.
(6) The Fund shall be managed by such authority or agency as the Central
Government may specify having regard to the following:—
(a) knowledge of insurance business of the agency;
(b) capability of the agency to manage funds; and
(c) any other criteria as may be prescribed by the Central Government.
(7) The Central Government shall maintain proper accounts and other relevant
records and prepare an annual statement of accounts of the Fund in such form as may
be prescribed by the Central Government in consultation with the Comptroller and
Auditor-General of India.
(8) The accounts of the Fund shall be audited by the Comptroller and Auditor-
General of India at such intervals as may be specified by him.
(9) The Comptroller and Auditor-General of India or any person appointed by
him in connection with the audit of the accounts of the Fund under this Act shall have
the same rights, privileges and authority in connection with such audit of the
Government accounts and, in particular, shall have the right to demand the production
of books, accounts, connected vouchers and other documents and papers and to inspect
any of the offices of the Authority.
(10) The accounts of the Fund, as certified by the Comptroller and Auditor- General
of India or any other person appointed by him in this behalf, together with the audit
report thereon, shall be forwarded annually to the Central Government and the Central
Government shall cause the same to be laid before each House of the Parliament.
(11) Any scheme framed under sub-section (3) of section 161, as it stood
immediately before the commencement of the Motor Vehicles (Amendment) Act, 2019,
shall be discontinued and all rights and liabilities accruing thereunder shall be met out
of the Fund with effect from the date of commencement of this Act.
164C. Power of Central Government to make rules
(1) The Central Government may make rules for the purposes of carrying into
effect, the provisions of this Chapter.
(2) Without prejudice to the generality of the foregoing power, such rules may
provide for—
(a) the forms to be used for the purposes of this Chapter including,—
(i) the form of the insurance policy and the particulars it shall contain as
referred to in sub-section (3) of section 147;
(ii) the form for making changes in regard to the fact of transfer in the
certificate of insurance under sub-section (2) of section 157;
(iii) the form in which the accident information report may be prepared,
the particulars it shall contain, the manner and the time for submitting
the report to the Claims Tribunal and the other agency under sub-
section (1) of section 159;