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No it's not, it's a provisional degree given and is good for nothing. It means nothing.
Yes thats the entire reason it is give. For CA, CS, CFA, Judicial Services, UPSC, MPSE
It is qualifying in nature, the degree itself is not allotted but you can get a provisional degree from mu for it which makes you eligible
It's never given on time. There is a good chance that you end up receiving the BLS Degree at the end of the 4th year also. Don't hang onto this is what I would suggest.