Executive Summary:
This notification from The Institute of Cost Accountants of India announces proposed amendments to the Cost and Works Accountants Regulations, 1959. The draft regulations are published for public feedback, which must be submitted to the Council within 45 days of the gazette's publication. The amendments address various aspects of the Foundation Course, including admission criteria, deadlines for document submission, and tuition enrollment.
Key Points / Main Content:
Amendments to Regulation 20:
Extension of Timeframes: The phrase "six months" is replaced with "eighteen months" in the first and second provisos of Regulation 20.
Amendments to Regulation 20A:
Purpose and Fees: After the word "purpose," the phrase "with such fee as may be determined by the Council from time to time" is inserted.
Institution Clarification: In sub-regulation (a), the word "or" is inserted after "Institution."
Examination Status: In sub-regulation (b), the words "or appeared in" are inserted after "Passed".
Provisional Admission Regularization: Students admitted to the Foundation Course after passing 10th grade or equivalent must submit their Senior Secondary Examination (10+2) pass mark sheet or certificate within 36 months of admission to regularize their admission.
Amendments to Regulation 20A - First Proviso:
Additional Word Insertion: In the first proviso, the word "further" is inserted after the word "Provided".
Timeframe Substitution: The phrase "six months" is replaced with "thirty-six months."
Amendments to Regulation 20A - Second Proviso:
Failure to Provide Proof: If a candidate fails to provide proof of passing the required examination within 36 months of admission, their provisional admission will be cancelled, fees will not be refunded, and no credit will be given for theoretical education.
Amendments to Regulation 20B:
Foundation Course Admission: Replaces subclause (i) in clause a, clarifying that students must be admitted to the Foundation Course under Regulation 20A and enrolled for postal, oral, or e-learning tuition for at least four months before the exam.
Deletion: Subregulation 2 of Regulation 25 is deleted.
Impact Analysis:
Students:
Impact: Changes to admission criteria, deadlines for document submission, and tuition enrollment requirements for the Foundation Course.
Action Required: Students admitted provisionally must submit required documents within the new 36-month timeframe. Students should note the changes for postal, oral or e-learning tuition enrollment.
Institute of Cost Accountants of India:
Impact: Modifications to regulations governing the Foundation Course and the need to administer and enforce these changes.
Action Required: Implement the amended regulations, communicate changes to students, and update relevant processes and documentation.
Council of the Institute of Cost Accountants of India:
Impact: Responsible for considering public feedback on the draft regulations and finalizing the amendments.
Action Required: Review and address any objections or suggestions received within the specified timeframe and finalize the amendments.
Key Entities Referenced
New Delhi: Location of Government of India Press.
The Institute of Cost Accountants of India: An organization which the council proposes to make regulations.
Cost and Works Accountants Act, 1959: The Act under which the draft regulations are published, specifically referencing subsection 3 of section 39.
Cost and Works Accountants Regulations, 1959: The regulations being amended by this notification.
Kolkata, West Bengal: The city where the notification was issued.
Kaushik Banerjee: Secretary, acting, who is responsible for the notification.
Official Gazette: The official publication in which the final regulations will be published.
Foundation Course: A course of study with specific admission and examination criteria detailed in the amendment.
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2622 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
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MINISTRY OF CORPORATE AFFAIRS
(THE INSTITUTE OF COST ACCOUNTANTS OF INDIA)
NOTIFICATION
Kolkata, the 27th June, 2014
No. CWR( 1) 2014.—The following draft of certain regulations further to amend the Cost and Works
Accountants Regulations, 1959, which the council of the Institute of Cost Accountants of India (hereafter
referred to as the Council) proposes to make, is hereby published, as required under sub-section (3) of section
39 of the Cost and Works Accountants Act, 1959 (23 of 1959), for the information of all persons likely to be
affected thereby, and notice is hereby given that the said draft will be taken into consideration on or after the
expiry of 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.
Any person desiring to make any objection or suggestion in respect of the said draft regulations, may
forward the same for consideration by the Council within the period so specified above to the Secretary
Institute of Cost Accountants of India, 12 Sudder Street, Kolkata – 700 016.
Draft Regulations
1. (1) These regulations may be called the Cost and Works Accountants (Amendment) Regulations, 2014.
(2) They shall come into force on the date of their final publication in the Official Gazette.
2. In the Cost and Works Accountants Regulations, 1959 (hereinafter referred to as the said regulations),-
(A) in regulation 20, -
(i) in the first proviso, for the words “six months”, the words “eighteen months” shall be substituted;
(ii) in the second proviso, for the words “six months”, the words “eighteen months” shall be
substituted.
(B) In the said regulations, in regulation 20 A-
(i) after the word ”purpose”, the words “with such fee as may be determined by the Council from
time to time” shall be inserted;
(ii) in sub-regulation (a), after the word “Institution”, the word “or” shall be inserted.
(iii) in sub-regulation (b), after the word “Passed”, the words “or appeared in” shall be inserted.
(iv) after sub-regulation (b), the following proviso shall be inserted, namely:--
“Provided that admission of a student who was admitted to the Foundation Course after passing class
10 or equivalent examination shall be provisional and be regularised after submission of pass mark
sheet or pass certificate of the Senior Secondary Examination under 10+2 Scheme or any other
examination equivalent thereto before submission of application for Foundation Course Examination,
and within thirty six months of the admission.”
(v) in the first proviso
(a) after the word “Provided”, the word “further” shall be inserted,
(b) for the words “six months”, the words “thirty six months” shall be substituted,
(vi) for the second proviso, the following proviso shall be substituted, namely:-4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“Provided also that if such candidate fails to produce such proof within a period of thirty six months of
his admission, his provisional admission shall be cancelled and the fees paid by him shall not be refunded
and no credit shall be given for the theoretical education undergone by him”.
(C) In the said regulations, in regulation 20B, in clause (a), for sub-clause (i), the following sub- clause
shall be substituted, namely:-
“(i) he has been admitted to the Foundation Course under regulation 20A and has been enrolled for
undergoing postal or oral or e-learning tuition for at least four months prior to the commencement of such
examination;”;
(D) In the said regulations, in regulation 25, sub-regulation (2) shall be deleted.
KAUSHIK BANERJEE, Secy.-Acting
[ ADVT. III/4/Exty./71/14]
Note:- Principal regulations were published in the Gazette of India vide number G.S.R. 611, dated 25th May,
1959 and amended vide-
(1) Notification Number CWR (2)/69 dated 8th May, 1969;
(2) Notification Number CWR (2)/70 dated 25th May, 1970;
(3) Notification Number CWR (2)/70 dated 22nd January, 1972;
(4) Notification Number CWR (1)/81 dated 6th January, 1981;
(5) Notification Number CWR (1)/88 dated 31st January, 1989;
(6) Notification Number CWR (1)/93 dated 25th September, 1993;
(7) Notification Number CWR (1)/2002 dated 26th June, 2002;
(8) Notification Number CWR (1)/2002 dated 27th March, 2003;
(9) Notification Number CWR (1)/2008 dated 17th November, 2008;
(10) Notification Number CWR (3) 2008 dated 6th April, 2009;
(11) Notification Number CWR (1) 2010 dated 4th February, 2011;
(12) Notification Number CWR (1) 2012 dated 25th May, 2012.
(13) Notification Number CWR (1) 2013 dated 29th November, 2013.
(14) Notification Number CWR (2) 2013 dated 29th November, 2013
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.