ICWAI Scholarship | Foundation Inter Final Students

ICWAI Scholarship | Foundation Inter Final Students: Here we are providing the details of ICWAI scholarship for CMA Foundation, Inter and Final students.

icwai-scholarship

Scholarship For ICWAI Students | Foundation Inter Final

“Scheme to provide Financial assistance to Economically Challenged – cum- Meritorious Students”

Preamble:

The Institute of Cost Accountants of India (ICAI) is a Statutory body set up under an Act of the Parliament (namely, Cost and Works Accountants Act, 1959), having a distinct role in maintaining governance system in the country’s economy, ensuring transparency, proper disclosure and social security for consumers at large. The Institute is the second largest cost & management accounting body in the world, having student strength of about 5 lacs and about 50,000 members serving in different capacities throughout the world.

• The “Scheme” pronounced herein shall be titled as “Scheme to provide Financial assistance to Economically Challenged-cum-meritorious Students”
• Based on a “Corpus” created out of the surplus funds of the Institute and make an optimum investment so as to yield earnings arising out of interest
• The scheme shall come into effect from the date of its notification by the Institute.

ICWAI Scholarship | Foundation Inter Final Students

Objectives of the scheme:

• To promote the education of cost & management accountancy in India and across the national boundaries
• To provide financial assistance to economically challenged-cum-meritorious students so as to facilitate their pursuing the Courses of the Institute
• To utilise Interest income from specific investments made (under this scheme only) to provide financial assistance
• To identify and enrich the intellectual capital of such meritorious student/(s), so as to fulfill their desire to be equipped with professional education
• To promotes women-empowerment through professional education and also by providing financial assistance through adequate reservation (amongst the proposed number of beneficiaries)
• To also consider SC/ST /Minority students

Note: The scheme excludes Physically Challenged Students pursuing the Courses of the Institute – who are guided separately as per separate Scheme

ICWAI Scholarship | Foundation Inter Final Students

Over view of the Scheme:

1. Applicant – if eligible as per the required parameters;

2. Makes an application to the Directorate of Studies, 12, Sudder Street, Kolkata-700016, in the prescribed form (Annexure 1) and submit the relevant documents along with the prescribed fees ( as stated in “F” below);

3. Directorate of Studies, verifies the relevant documents and prepares a Merit List on the basis of applications received during a month;

4. Grants/rejects the application, based on the Merit List as per Step (3) above, after examination/scrutiny of the relevant documents. This would be done by the 7th of the following month;

5. If rejected- processing fee refunded to the applicant with a request to pursue the respective course (i.e. Intermediate or Final, as the case may be, without any financial assistance)

6. If granted- necessary correspondence shall be made to the applicant informing the grant of financial assistance

7. If granted/approved for receiving financial assistance under this scheme, then all fees* would be waived for the Course ( i.e. Intermediate or Final, as the case may be)

8. Payment of financial assistance as per scheme.

ICWAI Scholarship | Foundation Inter Final Students

Detailed Guidelines:

A. Minimum Marks to be obtained and Criteria for qualifying/passing the Examinations

1. For Intermediate Course

1.1 For students who are eligible to get themselves registered to the Intermediate Course of the Institute, after qualifying the Foundation Course Examination of the Institute of Cost Accountants of India ( herein referred to as “Institute”)

1.2 For students who are eligible to get themselves registered to the Intermediate Course of the Institute after completing Graduation/Post-Graduation or after qualifying the Foundation Course Examination of the Institute of Company Secretaries of India (ICSI) or after qualifying the Intermediate Course Examination (by whatever name called)conducted by the Institute of Chartered Accountants of India.

ICWAI Scholarship | Foundation Inter Final Students

(a) For students who had qualified Foundation Course Examination (by whatever name called) conducted by the Institute of Company Secretaries of India

ICWAI Scholarship | Foundation Inter Final Students

(b)For students who had qualified Intermediate Examination (by whatever name called) conducted by the Institute of Chartered Accountants of India

ICWAI Scholarship | Foundation Inter Final Students

(c)For Graduates/Post-graduate students who have applied for Registration to the Intermediate Course of the Institute

ICWAI Scholarship | Foundation Inter Final Students

2. For enrolment to the Final Course

2.1 Students who had qualified Intermediate Course Examination without claiming/availing any qualification based exemption

2.2. Students who had qualified Intermediate Course Examination by availing qualification based exemption

Note:

(1) Submission of application along with prescribed fee, however, does not entitle an applicant to be eligible to receive financial assistance.

(2) The grant of financial assistance would be on the basis of merit list of applicants. Merit list would be prepared considering the examination performances and income criterion.

(3) Directorate of Studies, reserves the right to modify the list of applicants, as and when required

ICWAI Scholarship | Foundation Inter Final Students

B. Income Criteria, Certification and Documentation

B.1 Income criterion

B.2 Certification and Documents required:

(If the applicant is unemployed and is under the care of his Parents/Guardian, then any income certificate issued by the Local/State/Central Government in favour of the Parent/Head of the Family/Guardian should be enclosed.)

(1) Pay slip or Salary Certificate from the current Employer ( if employed) for the last three months

Note: Pay-slip or Salary Certificate from erstwhile employer/(s), if the period of employment with the current employer is less than three months

In case, where the period of employment, being the first employment of the applicant ( herein for the purpose of this scheme) is less than three months, then the certificate should be produced for the actual time period of employment.

(2) If the applicant is self-employed ( by whatever name called), then relevant proof of self-employment, which may also include a trade licence or any certificate received from any government authority related to such incorporation of self-employment business

(3) If the applicant is self-employed, other than (2) above, then a self-declaration to be made and undertaking in prescribed format shall have to be furnished, stating that the income is less than the prescribed limit as per the scheme.

(4) Pay Slip or Salary Certificate of his/her parents/guardian/spouse (if wholly or partially dependent) from the current employer

ICWAI Scholarship | Foundation Inter Final Students

Caution:

Unjust enrichment: Claiming refund/ financial assistance from any other source other than the Institute not allowed

The student should not be in receipt of financial assistance/scholarship from any other source simultaneously or otherwise for pursuing the course of the Institute.

If at any time during the pursuing of the Course, the Institute has a reason to believe that a student had claimed and was granted financial assistance/scholarship from any other source, which leads to enjoying financial assistance from more than one source, for the same course of the Institute, then the Institute reserves the right to take/initiate disciplinary action which includes cancellation of registration or may take such action to recover the financial assistance or both. However, the student shall be given an opportunity of being heard.

The objective of the Institute is to avoid situations leading to unjust enrichment of any student, thereby enabling to facilitate the financial assistance to maximum number of meritorious students.

Explanation:

(1) If a student, having qualified the above parameters, had applied for registration to the Intermediate Course and also sought for financial assistance from the Institute. As a pre-condition for granting of such a financial assistance, the student shall have to provide an undertaking in the prescribed form and manner, stating therein that he/she or his/her parents/guardians are not in receipt of any other financial assistance from any other organization (including government/non-government – profit seeking or non-profit seeking organizations or NGOs).

(2) The student shall have to continue this status during the entire Course for which the financial
assistance was granted by the Institute.

(3) If at any point of time, the Institute based on material facts and evidence, has a reason to believe that the student had enjoyed financial assistance ( in whatever name/nomenclature), then the Institute reserves the right to initiate/take necessary action.

ICWAI Scholarship | Foundation Inter Final Students

C. Number of Students to be considered under this Scheme

The Institute hereby makes an attempt to provide financial assistance to meritorious students having qualified the prescribed parameters and are also economically challenged

However, the number of prospective recipients/beneficiaries is subject to change, as may be decided by the Institute from time to time.

ICWAI Scholarship | Foundation Inter Final Students

D. Reservation for considering students under the Scheme

The Institute reserves the right to provisionally allot the number of prospective recipients/ beneficiaries under the scheme as follows:

(1) Reservation for female candidates( other than SC/ST/minority Candidates) – 35%

(2) Reservation for SC/ST/OBC candidates ( including female candidates) – 25%

(3) Reservation for class/religion defined as “Minority” – 10%

(4) Reservation for General caste – 30%

However, the ratio of allotment is subject to change as may be decided by the Institute from time to time

ICWAI Scholarship | Foundation Inter Final Students

E. Financial Assistance to be provided under the scheme

The Directorate reserves the right to consider and process eligible applications for financial assistance in a single annuity/payment instead of monthly disbursement/endowment

Note:

(1) Students who are selected under the Scheme of financial assistance shall be exempted/waived from paying any further fee for the Course

(2) Registration fee ( as stated in “ F” below for Intermediate Course is not exempted/waived, hence shall have to be paid

(3) Enrollment fee ( as stated in “F” below for Final Course is not exempted/waived, hence shall have to be paid

(4) Examination fees for the respective courses are not waived for any candidates , hence shall have to be paid at the applicable rates within the prescribed due date for making an application to appear in the Examinations

(5) Subsequent to passing/qualifying such Examination, thereby completing the respective Course (say Intermediate or Final Course as the case may be), examination fee would also be refunded. However, application for refund of examination fee shall have to be made to the Directorate of Examination, mentioning the registration number, roll number, term of examination.

(6) Based on the recommendation of the Directorate of Examination, the student would be refunded the Examination fee paid to the Institute in that term. The refund would be a mark of recognition of his/her hard work and the entire amount of fee paid in that term of examination would be refunded without any deduction.

ICWAI Scholarship | Foundation Inter Final Students

F. Prescribed Fee for students under the Scheme

Students who are eligible to avail benefits under this scheme, shall have to make an application in prescribed form along with the prescribed fee for that respective Course. The fees are one-time payment only and are nonrefundable in nature.

Click Here to download application form.

ICWAI Scholarship | Foundation Inter Final Students

ICWAI Scholarship | Foundation Inter Final Students

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ICWAI Scholarship | Foundation Inter Final Students

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