ICAI extends Scholarship Scheme for Wards of Railways & Defence Personnel on the eve of Platinum Jubilee celebrations

ICAI Commerce Wizard Test is open to all the aspiring Students in the country, says President/ICAI. He urged the students participate in the test in which they can even win valuable prizes – 1st Prize-Rs.1 Lakh, 2nd Prize-Rs.50,000 & Top 500 Consolation Prizes of Rs.500 each!

NEW DELHI: The Institute of the Chartered Accountants of India (ICAI) has announced a Scholarship Scheme for the wards of Railways and the Military personnel.

The scholarship will be awarded to 75 students on merit basis. This is with an aim to promote the commerce education with special focus on Chartered Accountancy course amongst Secondary, Senior/Higher Secondary & Graduate/ Post graduate students.

ICAI, which was established in the year 1949, has entered into its 70th year, i.e. Platinum Jubilee year, of its glorious existence, calling celebrations for ICAI’s steadfast march in the glory of bringing a Resolute Economic India.

Commemorating the occasion, ICAI is now celebrating the contributions that ICAI and Indian accounting profession have made to the country ever since our inception.

The scholarship will be granted to the 75 meritorious wards of the following persons:-

  1. Railway employees i.e. Indian Railways, Railways PSUs, Railways Production Plants & Workshops, Railways Institutes etc.
  2. Military personnel i.e. Indian Army, Indian Navy and Indian Air Force & Para Military Forces i.e. Indian Coast Guard, Assam Rifles, Special Frontier Force, Central Reserve Police Force, Border Security Force, Indo-Tibetan Border Police, Sashastra Seema Bal,Central Industrial Security Force, National Security Guard, Special Protection Group etc.

The said scheme is also applicable for wards of retired personnel. This Special Scheme shall be effective from year 2018 to 2022. Out of 75 scholarships, 50 scholarships will be awarded to wards of Military & para military personnel & 25 scholarships to wards of personnel in Railways).

As per the scheme, 50% of the CA course fee will be adjusted at the time of registration to the Foundation, Intermediate & Final Course. However, the scholarship is admissible for only one child per family. The scholarship is only for students who wish to pursue CA course in future. The applicant will be shortlisted on the basis of merit rank in Commerce Wizard Test.

The applicants irrespective of his/ her marital status are eligible. The candidates have o undergo a Commerce Talent Search Test called as Commerce Wizard, which is a diagnostic test to measure the concept understanding ability of a student.

File Photo: Signing of Memorandum of Understanding between ICAI and Indian Railways for the implementation of Accrual based Accounting Reforms, during Jan-Feb 2017.

Incidentally, Institute of Chartered Accountants of India had signed an Agreeement during February 2017 with Indian Railways for moving its Accounting System to the Accrual format. Accrual based financial statement will support Indian Railways in better utilisation of available resources, estimation of future liabilities and prioritisation of spending. It will also pave way for best financial management practices to be introduced in Indian Railways. The pact was meant for “introducing the accrual-based financial statement as an additional set of accounts to existing cash-based government accounts”. It has been entered into between ICAI Accounting Research Foundation (ICAI ARF) and the Indian Railways. The foundation is the research arm of the Institute of Chartered Accountants of India (ICAI). Accrual system of accounting would provide a better picture of the particular entity’s financial position.