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Syllabus - Examination, training and other Modules Under Overseas Citizen of India Scheme.
May, 22nd 2015
Scheme for enrolment of Overseas Citizen of India Professional Accountants

               Syllabus - Examination, training and other modules
                              Under OCI Scheme

1.    Short title - (a)     This scheme may be called the Scheme for enrolment of
Overseas Citizen of India (hereinafter referred to as OCI) Professional Accountants.

(b)    The scheme shall facilitate opening up of practice rights to overseas citizen of
India Chartered Accountants and Certified Public Accountants applicants.

2.     Scheme of Education and Training - To become eligible for membership of
the Institute an Overseas Citizen of India having chartered accountant or certified
public accountant qualification shall be required to pass the following two levels of test
and also comply with the other provisions of this Scheme, namely:-

(i)   First Level Test - (a) The applicants for this test shall be divided into two
categories, namely, English and non-English language and the duration of the test and
papers for each category of applicants shall be as per Table given herein below:-

                                           Table

Duration of test and Papers for            Duration of test and Papers for those
those Overseas Citizens of India           Overseas Citizens of India who have
who have qualified respective              qualified    respective     Chartered
Chartered     Accountancy     or           Accountancy    or   Certified  Public
Certified   Public  Accountancy            Accountancy examination in English
examination in a language other            language
than English

Duration:                                  Duration:

The test shall be of five hours duration   The test shall be of four hours duration
comprising of two sessions of three        comprising of two sessions of two hours
hours and two hours respectively with      respectively with a break between two
a break between two sessions.              sessions.

Papers:                                    Papers:

A candidate shall be examined in the A candidate shall be examined in the
following papers:-                   following papers:-

Session ­ 1 (Three Sections ­ 3
Hours)                                     Session ­ 1 ( Two Sections ­ 2 Hours)
                         [150 Marks)                                  [ 100 Marks ]

Section A: Fundamentals of Income       Section A: Fundamentals of Income Tax
Tax                                                                       [50 marks]
                             [50 marks]
                                        Section B: Mercantile Laws
Section B: Mercantile Laws                                                [50 marks]
                             [50 marks]
Section C: English
                             [50 marks]
                                        Session ­ II ­ (Two Sections ­ 2
Session ­ II ­ (Two Sections ­ 2        hours)
hours)                                                               [ 100 marks ]
                         [ 100 marks]
                                        Section D: General Economics
Section D: General Economics                                             [50 marks ]
                             [50 marks] Section E: Quantitative Aptitude
Section E: Quantitative Aptitude                                          [50 marks]
                          [50 marks]

(b) Marking Scheme .- The test shall comprise of objective type questions with
negative marking for choosing wrong options, in such manner as may be decided by
the Council from time to time.

(c ) Time and Place of Examination .- (1)         The Examination shall be conducted
only once in a year in the month as may be decided by the Council.

(2)   There shall be minimum of fifty candidates and there shall be only one
examination centre for whole country.

(d) Passing requirements. - A candidate shall be declared to have passed the
First Level Test, if he secures at one sitting a minimum of forty per cent. marks in each
subject and a minimum of fifty per cent. marks in aggregate of all the subjects.

(e) Study Course and Information Technology Training. - Before admission
to Second Level of Test, a candidate shall be required to complete a nine months study
course prior to the first day of the month in which examination is held and 100 hours
Information Technology Training in such manner as may be decided by the Council
from time to time:

       Provided that a candidate who produces a certificate from his parent accounting
body to the satisfaction of Board of Studies that he has undergone an equivalent course
under the bye-laws of that parent body, shall be exempted from undergoing the 100
hours Information Technology Training.
(ii) Second Level Test - This test shall be common for both the categories namely,
English and non-English language candidates.

(a) Admission to the Test - A candidate, who has passed the First Level Test and
has also complied with the requirement of sub-clause (e) of clause (I), shall be eligible
for admission to the Second Level Test.

(b)     Duration of the Test - The Second Level Test shall be of three hours duration.

(c ) Papers - A candidate for Second Level Test shall be examined in the following
three papers, namely:-

S. No.             Names of Papers                   Marks          Duration
   1.      Taxation   (Direct   and    Indirect [60+40= 100          3 Hours
           Taxes)                               Marks]
   2.      Advance Auditing and Professional [100 Marks]             3 Hours
           Ethics
   3.      Corporate and Allied Laws            [100 Marks]          3 Hours

(d) Passing requirements - A candidate shall be declared to have passed the
Second Level Test, if he secures at one sitting a minimum of forty per cent marks in
each subject and a minimum of fifty per cent marks in aggregate of all the three
subjects.




(e) Number of attempts - A candidate is required to appear and pass the Second
Level Test in five attempts and no candidate who has appeared and exhausted five
attempts shall be eligible for any further attempt.

3.    Fee for admission to the Course and Examination - A candidate for
admission to First Level Course, Second Level Course and for Examinations conducted
under this scheme shall pay such fee as may be fixed by the Council from time to time.

4.      Form for admission to the Scheme and Examination - A candidate for
admission to the Courses and the Examination conducted under this scheme shall apply
in the form as may be approved by the Council from time to time.

5.    Other requirements. - Before applying for the membership of the Institute,
an OCI applicant shall be required to comply with the following requirements, namely:-

(a) Course on General Management and Communication Skills - A candidate
shall be required to complete a fifteen days Course on General Management and
Communications Skills in such manner as may be decided by the Council from time to
time.
(b) Practical training - A candidate shall be required to undergo practical training
for a period ranging from six months to thirty six months as may be decided by the
Council and in accordance with the provisions of Chapter IV of these regulations
depending on the nature of training provided through the scheme of his parent
accounting body:

       Provided that a certified public accountants holding license to practice in his
country shall be required to undergo practical training for a period ranging from
eighteen months to thirty six months as may be decided by the Council depending on
the nature of training provided through the scheme of his parent accounting body.

6.      Issuance of Certificate of Practice - An Overseas Citizen of India applicant
shall be eligible for Certificate of Practice and such Certificate shall be granted to him
only after he undergoes a screening test in nature of interactive session in such manner
and within such time as may be specified by the Council from time to time.

7.      Exclusion List (Not Exhaustive) - In regard to the qualifications not
mentioned specifically above, either under the category of Chartered Accountants,
Certified Public Accountants or exclusion list given below, the Institute shall consider
such qualifications on case to case basis under the authority of the Council.

    Exclusion List (Not Exhaustive)

   (1)        Certified Management Accountants
   (2)        Chartered Institute of Management Accountants' Professionals
   (3)        Association of Chartered Certified Accountants' Professionals
   (4)        Certified Auditors
   (5)        Certified Accountants
   (6)        Cost Accountants
   (7)        Certified General Accountants' Professionals
   (8)        Cost and Works Accountants
   (9)        Cost and Management Accountants
   (10)      Chartered Financial Analysts
   (11)      Company Secretaries

8.    Other terms and conditions - The membership of the Institute of an
overseas citizen of India shall be subject to the following further conditions, namely:-

(i)    The applicant shall be required to be a resident in India for one hundred and
eighty two days in the financial year before being eligible for membership under this
Scheme;

(ii)   The Overseas Citizen of India holder applicant, at the time of his application with
the Institute of Chartered Accountants of India shall have and after getting membership
with Institute continue to retain the membership with the parent accountancy body so
as to have control on his professional or ethical conduct;

(iii) An Overseas Citizen of India enrolled as a member of the Institute under this
scheme shall not be eligible either to stand for election to the Council or Regional
Council or to vote in these elections;

(iv)   An Overseas Citizen of India who has been awarded the Certificate of Practice
shall be required to have a local partner in India for practice in India;

(v)    The firm of such Chartered Accountants shall be subject to be peer reviewed and
shall obtain certificate of Peer Review from Institute in every two years;

(vi)   A candidate who has failed at any time in any of the examination conducted by
the Institute before implementation of this scheme, shall not be eligible for registration
under this scheme;

(vii) The Overseas Citizen of India shall be subject to disciplinary mechanism of the
Institute in terms of the provisions of the Act;




(viii) The overseas citizens of India shall also be subject to code of ethics and other
ethical requirements in terms of the Act, regulations and guidelines framed there under
as well as in terms of other applicable laws of India for the time being in force;

(ix)   An Overseas Citizen of India who has been enrolled as a member under this
Scheme and holding Certificate of Practice shall be required to comply with Continuing
Professional Education credit hours requirements as per terms specified by the Council
of the Institute from time to time.

(x)    Any other requirement as and when specified by the Council of the Institute shall
also be applicable to an Overseas Citizen of India member holding Certificate of Practice
under the scheme;

(xi)   Overseas Citizen of India under the scheme needs to have a permanent address
in India and a PAN Card issued by the Government of India;

(xii) The Institute reserves to put in place a framework akin to KYC (Know your
client) norms for intending Overseas Citizen of India applicants and such norms shall be
made known to all the applicants in advance.
                                                                                                                         u
                  The Institute of Chartered Accountants of India
(Enrolment of Overseas Citizen of India Professional Accountants under OCI Scheme*)




The Secretary
The Institute of Chartered Accountants o f India
New Delhi.


  Dear Sir,

 Iwish to apply for registration in First Level Course and examination of Chartered Accountancy under OCI
 Scheme. I hereby declare that Iam a Chartered Accountant / Certified Public Accountant and continuing
 Associate / Fellow Member of                                                     enrolled w.e.f. date                      bearing

  Membership lumber**                           .   Ialso hold a recognized degree                    and h a v e years           of

  Professional experience / Employment.

  My Particulars are given below;

 (1) Name in full:
 (2) Surname/Family Name:
  (3) Mother's Name:

  (4) Father's Name:

  (5) Date of Birth:      1      DD             MM              W      I   (Enclose valid certificate of Birth)
                                         I                             I
  (Please Tick)
  (6) Gender:        0 Male        0 Female

  (7) Nationality:            0 Indian         0 Others

   (8) Citizenship: (A)       0 Single   (B)   0 Double   (C)   0 Overseas Citizenship of India OCI***
        (Please endose proof]

   Instructions;
   *AS PUBLISHED I N THE G A Z m E OF INDIA, PART 111, S E t n O N 4 DATED 2ZnD JULY, 2 0 1 4

   ** Exclusion List (Not Exhaustive) -   In regard t o the qualifications, either under the category of Chartered Accountants, Certified
   Public Accountants or exclusion list given below, the Institute shall consider such qualifications o n case to case basis under the
   authority of the Council.
     Exclusion List (Not Exhaustive)
    ( 1             in
        ) Certified a agement   ~ccountants
    f2) Chartered Institute of Management Accountants' Professionals
    i3j Association of Chartered Ce;tified Accountants' Professionals
    (4) Certified Auditors
    (5) Certified Accountants
     (6) Cost Aaountants
     (7) Certified General Accountants Professionals
     (8) Cost and Works Accountants
     (9) Cost and Management Accountants
    .(lo) Chartered Financial Analysts
      (
      1  1)Company Secretarifs
    ***    "Overseas Citizen of Indian means a person who i s registered as Overseas Citizen of India under section 7A of the Citizenship
      Act, 1955 (57 of 1955);
'(9) lVame o f the Country/(Currently living):

(10) Country of Permanent Residence:

(11) Current Residential Address:


(12) Current Professional Address in India:


 (13) Principal place of Profession/ Service:


 (14) Other Place o f Profession, if any:

 (15) Contact Details: Landline No.                          Mobile No.



  (16) PAN Card issued by Government of India:          0 Yes 0 No,           PAN Card No:
     (Please enclose copy of PAN card)

  (17) Details of Professional Qualifications passed under Parent Accounting Body:
  (Use additional sheets if required)

     Examination          Details of Subjects     Month and Year of                         Result
                                                 passing the segment                      MarksjGrade        Roll No.
                                                                            Result
                                                                           Obtained

                                                                        0 Pass
       Compulsory                                                        0 Credit
         Segment
                                                                         0 Distinction

                                                                                                         I



                                                                          0 Pass
          Elective
          Segment
                                                                          0 Distinction



    (18) Educational Qualification:
       Examination          University/ Board         Month and Year           MarkslGrade              Percentage
         UG/PG                                           Passing                Obtained                 of Marks
(19) Whciher appeared in any of Examination conducted by ICAI before implementation of OCI Scheme: 0 Yes 0 No,
I f yes, Please give full details of examination (I) Course                               (11) Year of Examination
(111) Roll No.                                          (iv) Result
(20) Letter of Good standing Certificate Dated                              issued by                     , the Parent Accounting
body for registration with ICAI.
(Please encose the copy of Goodstanding Certificate)

(21) Details of Receipt of Fee:
For Rs./$                                                                                                                 (in words)
 Drawn on Bank                                                                 Branch
 (In favour o t The Secretary, The Insttute of CharteredAccountants of Inda, Payable at New Delhi)

 Fee Schedule:
 Cost o f Prospectus                               lo$
 First Level Registration Fees                     5808

 Ihereby declare that I shall abide by the terms and conditions as laid down under OCI Scheme and changes made
 thereunder.
 I hereby declare that Iam an active member of                                and no adverse disciplinary findings are made against me
  by any professional body of Regulator.                    Z have complied with its CPD/CPE requirements of                    of the
  Parent Accounting Institute.
  I,further declare that Iam not involved in any of criminal offences in India or Abroad or declared for Bankruptcy.
  I,if registered with ICAI, will abide by laws of the land, the Chartered Accountants Act 1949, Chartered Accountants
   Regulations 1988 and provisions framed there under time to time pursuant to the Act/Regulation.
   Ihereby declare that the particulars given above are true and correct to the best of my knowledge and Iwill intimate
   ICAZ for any change in my above particulars within 60 days.




                                                                                                       (Signature)
                      Please do not staple
                      Affix recent color
                         passport size
                            Photograph




         Date                                  I  DDMM-YYW


          Please send your application to:

          The Secretary
          The Institute of Chartered Accountants of India
          ICAI Bhawan, 52-53-54, Institution Area
          Vishwas Nagar, Shahadra
          Near Karkardooma Court
          New Delhi- 110032
                   The Institute of Chartered Accountants of India
(Enrolment of Overseas Citizen of India Professional Accountants under OCI scheme*)
           Application for registration in Second Level Course under OCI Scheme

                                                                                                                     -

                                                                                  I
                                                                                  1       Official S t a r n ~
To,
The Secretary
The Institute of Chartered Accountants of India
New Delhi.


 Dear Sir,

 I wish to apply for registration in Second Level Course and Examination of Chartered Accountancy under OCI
  Scheme. Ihereby declare that Ihave passed the First Level Corse under this Scheme.

  My Particulars are given below;
 (1) Name in full:
 (2) Surname/Family Name:
 (3) Registration No. under OCI Scheme:

 (4) Name of the present Country / (Currently living):
  (5) Country of Permanent Residence:
  (6) Current Residential Address:


  (7) Current Professional Address in India:


  (8) Principal place of Profession1 Service:


      (9) Other Place of Profession, if any:
      (10) Contact Details: Landline No.                          Mobile No:
                                                                                           I
          Ernail ID:                                          I
                                                                                                      l    l     l       l   l   l   l
      (11) PAN Card issued by Government of India:        0 Yes 0 No,              PAN Card No:
          (Please enclose copy of PAN card)
       (12) Details of First Level qualification1Examination under the OCI Scheme:
       (Use additional sheets if required)
          Examination         Details of Subjects    Month and Year of                               Result
                                                    passing the segment


                                                                               0 Pass
                                                                               0 Credit

             First Level
                                                                               0 Distinction
                                                                                                                                         I

        *AS PUBLISHED I N THE G A Z E T E OF INDIA, PART 111, SECTION 4 DATED 22ND
                                                                                 JULY, 2014

  81
(13) Details of Receipt of Fee:
For Rs./$                                                                                                        (in words)
Drawn on B a n k                                                      Branch
(In favour of: The Secretary, The Institute of Chartered Accountants of Inndia, Payable at New Delhi)

Fee Schedule:
Cost o f Prospectus                                                                           lo$
Second Level Registration Fees                                                                750$
100 hrs o f I n f o r m a t i o n Technological Training (ITT)                                2009
General Management a n d Communication Skills (GMCS)                    - GMCS Ia n d GMCS I1 5509

 Ihereby declare that    I shall   abide by the terms and conditions as laid down under OCI Scheme and changes made
 thereunder.

 Ihereby declare that Iam an active member of                        and no adverse disciplinary findings are made against me
 by any professional body of Regulator. Ihave complied with its CPD/CPE requirements of                                of the
 Parent Accounting Institute.

  I,further declare that Iam not involved in any of criminal offence(s), in India or Abroad or declared for Bankruptcy.

  I,if registered with ICAI, will abide by laws of the land, the Chartered Accountants Act, 1949, Chartered Accountants
  Regulations, 1988 and provisions framed there under time to time pursuant to the Act/Regulation.

  I hereby declare that the particulars given above are true and correct to the best of my knowledge and I will intimate
  ICAI for any change in my above particulars within 60 days.



                                                                                I-I
                                                                                                  (Signature)
                 Please do not staple
                 Affix recent color
                    passport size
                     Photograph




       Date         -




        Please send your application to:
        The Secretary
        The Institute of Chartered Accountants of India
        IW Bhawan, 52-53-54, Institution Area
        Vishwas Nagar, Shahadra
         Near Karkardoorna Court
         New Delhi- 110032

 
 
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