Revenue of ICAI through providing Certified Copies

B Vinay Reddy | Last updated: 09 July 2020

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The Institute of Chartered Accountants of India (ICAI) generated a significant revenue of approximately £33 Crores over 6.5 years by charging students £500 per subject for certified copies of answer sheets. However, following a landmark Supreme Court judgment in the ICSI Vs. Paras Jain case, CA students and members can now obtain these certified copies free of charge under the Right to Information Act, 2005. This change allows students to access their marked answer sheets without any fee, utilising the legal precedent set by the court.

I have made an application to the ICAI under the Right to Information Act, 2005 to know the amount received by the ICAI by providing certified copies to the students by charging Rs. 500 per subject.

One can see from the below figures, students contributed an amount of Rs. 33 Crores (Thirty Three Crores) lion's share to the revenue of ICAI in the past 6.5 years only by paying fee for certified copies.

ICAI Certified Copies Revenue: Now Free Under RTI

But, With the landmark judgement passed by the supreme court in the case of ICSI Vs. Paras Jain, now CA Students and Members can access certified copies of the Answer sheets at FREE OF COST under the Right to Information Act, 2005.And the same was mentioned by the ICAI in their RTI reply, below is the extract of the same for your reference.

So, utilize the opportunity given by the law laid down by the supreme court and get your certified copies of the answer sheets under the RTI at free of cost. And I have published an article briefing the RTI process, you may read the same from the below link:
Now CA students get Answer Sheet copies at Free of Cost under RTI: SC Orders!

I have reproduced the figures from the data received under the RTI, you can download the official copy of the ICAI's reply under the RTI Act, 2005 from the below link
http://bit.ly/ICAIRTI

Revenue of ICAI through Certified Copies

Year	CA Final	CA IPCC	Total Amount (in Rs.)	% Change
May 2013	58,16,050	45,88,816	1,04,04,866	-
Nov 2013	65,97,200	47,63,200	1,13,60,400	▲9%
May 2014	1,12,29,910	63,25,677	1,75,55,587	▲55%
Nov 2014	1,00,06,500	52,69,300	1,52,75,800	▼13%
May 2015	1,57,20,100	70,80,450	2,28,00,550	▲49%
Nov 2015	1,51,48,500	86,93,525	2,38,42,025	▲5%
May 2016	1,77,71,500	88,27,300	2,65,98,800	▲12%
Nov 2016	1,86,51,450	91,04,500	2,77,55,950	▲4%
May 2017	2,14,42,300	1,41,31,900	3,55,74,200	▲28%
Nov 2017	2,04,60,000	1,30,23,500	3,34,83,500	▼6%
May 2018	2,28,91,500	1,62,96,000	3,91,87,500	▲17%
Nov 2018	1,93,80,700	1,90,78,000	3,84,58,700	▼2%
May 2019	2,29,53,500	1,32,40,300	3,61,93,800	▼6%
Total	20,80,69,210	13,04,22,468	33,84,91,678

*Source: Information received from the ICAI through the RTI Act, 2005

FAQ :

ICAI generated a total of £33,84,91,678 (approximately £33 Crores) from providing certified copies of answer sheets to students over a period of 6.5 years.

Previously, ICAI charged £500 per subject for providing certified copies of answer sheets to students.

Yes, students and members can now access certified copies of their answer sheets.

No, following a Supreme Court judgment, certified copies of answer sheets are now available free of cost under the Right to Information Act, 2005.

The Supreme Court's landmark judgment in the case of ICSI Vs. Paras Jain established the right for CA students and members to access certified copies of answer sheets free of cost under the Right to Information Act, 2005.