Section 140 in The Central Motor Vehicles Rules, 1989
140. Definitions.
- In this Chapter, unless the context otherwise requires,(i)accounting year means the year commencing on the first day of April, and ending with the31st day of March of the following year;(ii)approved list means the list of foreign insurers and their guarantors maintained by the Central Government under these rules;(iii)Authority means the Central Government or a State Government or any local authority or any State Transport Undertaking,motor vehicles owned by whom have been exempted from the compulsory insurance under sub-section (2) of section 146;(iv)bank means a company which accepts, for the purpose of lending or investment, deposits of money from the public repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise;Explanation. - Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to be a bank within the meaning of this clause;(v)certificate of foreign insurance means a certificate issued by a foreign insurer in Form 57 in compliance with these rules;(vi)foreign insurer means a person or firm carrying on the business of insurance incorporated or domiciled outside India and not registered under the Insurance Act, 1938 (4 of 1938);(vii)fund means the fund established under rule 151;(viii)Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);(ix)guarantor means an insurer who has guaranteed a foreign insurer in pursuance of these rules, and guarantee, guaranteed and guaranteeing have corresponding meanings;(x)visitor means a person bringing a motor vehicle into India and making only a temporary stay therein not extending to a continuous period of more than one year.Inland insurance
