Cost and Works Accountants Act, 1959
32A. Exemptions
(1) A candidate who is registered as a student before 1st July,
1984, and who has passed,
(a) the Intermediate Examination of the
Institute of Chartered Accountants of India, England and Wales, Scotland or
Ireland or the Intermediate Examination or Parts I and II of the Examination of
the Institute of Cost and Management Accountants London, shall be exempted,
from the subject Book-keeping and Accountancy.
(b) a degree examination of any University or
a diploma/degree examination of the Indian Institute of Science, Bangalore, or any
of the Indian Institute of Technology or the Three-year Diploma in Rural
Services Examination conducted by the National Council for Rural Higher
Education with a paper of at least 200 maximum marks or with at least two
papers in Economics or Engineering, shall be exempted from the paper
'Economics' or 'Factory Organization and Engineering, as the case may be,
prescribed in Regulation 32 provided that a minimum aggregate of 50% marks in
the concerned subjects of the exempting examination had been obtained.
(c) the Final Examination of the Institute of
Company Secretaries of India shall be entitled to exemption from the subjects
Business Organization, Economics, Industrial Law, Mercantile & Company Law
and Book-keeping and Accountancy of the Intermediate Examination held under
Regulation 32.
(2) In the case of candidates registered as students on or after
lst July, 1984, the Council have the power to decide, and shall decide, from
time to time, the individual subjects from which exemption may be granted to
students who have passed such examination of any University or, on reciprocal
basis, of such professional institutes /bodies in India or abroad, as may be
recognized by the council in this behalf.
(3) The council shall also have the power to decide, and shall
decide, the individual subjects/groups of the Intermediate Examination from
which a candidate who is admitted as a fresh Registered Student under
Regulation 25A shall be exempted on the basis of exemption from individual
subjects /Groups previously secured by him under his former registration.
(4) The council shall also have the power to decide, and shall
decide, the individual subjects/Groups from which exemption shall be granted on
transitional basis due to commencement of syllabus prescribed in Regulation 31.
(5) The sub-regulations (1) and (4) of this Regulation shall
cease to operate from 31st October, 1986 and shall stand deleted from that date
and on such deletion the sub-regulations (2) and (3) of this Regulation shall
be re-numbered as sub-regulations (1) and (2) respectively, when this
sub-regulation shall also stand deleted and the Regulation 32A shall be
renumbered as Regulation 32.