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Yes thats the entire reason it is give. For CA, CS, CFA, Judicial Services, UPSC, MPSE
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.
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
No it's not, it's a provisional degree given and is good for nothing. It means nothing.