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Comments on Draft Revised Scheme of Education and Training

Comments on Draft Revised Scheme of Education and Training – ICAI Notification. ICAI inviting public comments on the draft amendments in the Chartered Accountants Regulations, 1988 arising out of Revised Scheme of Education and Training. (21st April, 2016). ICAI secretary invites comments on Draft revised scheme of education and training on the draft amendments in the Charted Accounts Regulations 1988.

Comments on Draft Revised Scheme of Education and Training

Comments on Draft Revised Scheme of Education and Training

The Central Government has accorded its in-principle approval to the draft amendments in the Chartered Accountants Regulations, 1988 arising out of the Revised Scheme of Education and Training approved by the Council of the Institute. In terms of the requirement of sub-section (3) of Section 30 of the Chartered Accountants Act, 1949, the notification containing draft amendments has been published in Part III Section 4 of the Gazette of India, Extraordinary, dated 18th April, 2016 seeking comments from the persons likely to be affected thereby. The said Notification has also been hosted on the website of the Institute. The link to reach the same in pdf file

CMA

Comments on Draft Revised Scheme of Education and Training 

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The Revised Scheme of Education and Training has also been hosted on the main page of the Institute’s website i.e. https://www.icai.org/ under the heading “Most Important”.

The stakeholders may send their suggestions/objections in regard to the aforesaid draft amendments within 45 days from the date, the copies of the aforesaid Gazette are made available to the public. The suggestions/objections can be sent at cret@icai.in; with a copy at prem@icai.in for the consideration of the Council.

By V. Sagar
Secretary.

The following draft of certain regulations further to amend the Chartered Accountants Regulations, 1988, which the Council of the Institute of Chartered Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949) for the information of all persons likely to be affected thereby; and notice is hereby given that the said draft regulation shall be taken into consideration after the expiry of a period of forty-five days from the date on which the copies of the Gazette of India, in which these draft regulations are published, are made available to the public;

Draft Regulations

Comments on Draft Revised Scheme of Education and Training

1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2016.

(2) They shall come into force on the date of their final publication in the Official Gazette.

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2. In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations), in regulation 2 of the said regulations, in sub-regulation (1), after clause (xvii), the following clause shall be inserted, namely:-

“(xviii) “specified” means specified by the Council in the official website of the Institute.”

3. In regulation 4 of the said regulations, in clause (b), for the words, “as may be specified”, the word, “approved” shall be substituted.

4. In regulation 22 of the said regulations, after sub-regulation (2), the following proviso
shall be inserted, namely:-

“Provided that any change in the schedule of examination due to any reason, duly approved by the Examination Committee shall be announced through the website of the Institute.”.

5. Regulation 25A of the said regulations shall be omitted.

6. Regulation 25B of the said regulations shall be omitted.

7. In regulation 25C of the said regulations, after sub-regulation (2), the following sub‑regulation shall be inserted, namely:-

“(3) Notwithstanding anything contained in these regulations, the Council may, after the commencement of registration for the Foundation Course, discontinue registration for the Common Proficiency Course by notice in the website of the Institute.”.

8. In regulation 25D of the said regulations,-

(i) in sub-regulation (3), for the words, “as may be specified”, the word, “approved” shall be substituted;

(ii) after sub-regulation (3), the following sub-regulation shall be inserted, namely:-

“(4) Notwithstanding anything contained in these regulations, the Council may, after the commencement of the Foundation Examination, discontinue holding the Common Proficiency Test and the candidates are required to pass the Foundation Examination as per the syllabus approved by the Council from time to time under regulation 25F.”.

9. After regulation 25D of the said regulations, the following regulations shall be inserted, namely:-

“25E. Registration for the Foundation Course.- (1) No candidate shall be registered for the Foundation Course unless he has appeared in the senior secondary (10~2) Examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course.

(2) A candidate shall pay such fee, as may be fixed by the Council from time to time, which shall not exceed rupees twenty five thousand, along with an application in the form approved by the Council for registration to the Foundation Course.

25F. Admission to the Foundation Examination, Fee and Syllabus. – (1) No candidate shall be admitted to the Foundation Examination unless he –

(a) is registered with the Board of Studies of the Institute on or before 30th day of June or 31st day of December for the examination to be held in the months of November or May respectively; and

(b) has passed the Senior Secondary (10~2) examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course.

(2) A candidate for the Foundation examination shall pay such fees, as may be fixed by the Council, which shall in any case not exceed rupees ten thousand.

(3) A candidate for the Foundation examination shall be examined in the syllabus approved by the Council from time to time.”.

10. Regulation 28A of the said regulations shall be omitted.

11. Regulation 28B of the said regulations shall be omitted.

12. Regulation 28C of the said regulations shall be omitted.

13. In regulation 28D of the said regulations, –

(i) in sub-regulation (2) – for the second proviso, the following proviso shall be substituted, namely:-

“Provided further that a candidate who was already registered for erstwhile Intermediate or Professional Education (Course-II) or Intermediate (Professional Competence) Course under these regulations shall be eligible for enrolment or conversion to Intermediate (Integrated Professional Competence) Course subject to such conditions as may be specified by the Council.”;

(ii) after sub-regulation (3), the following sub-regulation shall be inserted, namely:-

“(4) Notwithstanding anything contained in these regulations, the Council may, after the commencement of registration for the Intermediate Course, discontinue registration for the Intermediate (Integrated Professional Competence) Course by notice in the website of the Institute.”.

14. In regulation 28E of the said regulations,-

(i) in the phrase appearing in brackets under the heading, for the words, “as may be specified”, the word, “approved” shall be substituted;

(ii) in sub-regulation (3), for the words, “as may be specified”, the word, “approved” shall be substituted;

(iii) for sub-regulation (4), the following sub-regulation shall be substituted, namely:-

“(4) Notwithstanding anything contained in these regulations, the Council may after the commencement of registration for Intermediate Course, discontinue holding the Intermediate (Integrated Professional Competence) Examination and require the candidates to pass the Intermediate Examination as per the syllabus approved by the Council from time to time under regulation 28G.”.

15. After regulation 28E of the said regulations, the following regulations shall be inserted,namely:-

28F. Registration for Intermediate Course and Fees. – (1) The study course for the chartered accountancy candidates shall be named as Intermediate Course, which shall be composed of three levels viz. Group I, Accounting Technician (optional) and Group II. A candidate may opt for enrolment to (i) Group I or (ii) Group I and Accounting Technician or (iii) Accounting Technician and Group II or (iv) Group I and Group II or (v) for all the levels referred to above in this regulation.

(2) No candidate shall be registered for the Intermediate Course unless he has passed the Foundation Examination.

(3) Notwithstanding anything contained in sub-regulation (2), a graduate or post graduate within the meaning of clause (ix) of regulation 2 shall also be eligible for registration to Intermediate Course, if such person is a –

(a) graduate or post graduate in commerce having secured in aggregate a minimum of fifty five per cent. of the total marks or its equivalent grade in the examination conducted by any recognised university (including Open

University) by studying any three papers each carrying a minimum of fifty marks in a semester or year and cumulatively hundred or more marks over the entire duration of the concerned course, out of the subjects i.e., Accounting, Auditing, Mercantile laws, Corporate laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting or similar to the title of these papers with different nomenclatures, as approved by the Board of Studies of the Institute; or

(b) graduate or post graduate other than those referred to in clause (a), having secured in aggregate a minimum of sixty per cent. of the total marks or its equivalent grade in the examination conducted by any recognised university (including Open University).

Comments on Draft Revised Scheme of Education and Training

Comments on Draft Revised Scheme of Education and Training

Comments on Draft Revised Scheme of Education and Training

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