Cost and Works Accountants Act, 1959
(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.