The UGC guidelines say the traditional format of examination at the end of the session suffers from several limitations while the Western semester-system encourages and supports faster learning opportunities. The credit-based semester and grading system essentially implies a redefining of the curriculum into smaller measurable entities or ‘modules’ with the hours required for ‘learning’ these – not ‘teaching’ – being at the primary focus and development of a mechanism whereby these modules can be combined in different ways so as to qualify for a certificate, diploma or degree. The completion of a single ‘module’ of learning can pave the way for learning other modules either in the same institution or elsewhere and a combination of modules in keeping with the needs and interests of the learners illustrates the much talked about ‘cafeteria approach’ to learning with the Learner at the centre state of all academic transactions. The authors studied the various reviews of related literature in this regard and gave an overview of the opportunities and challenges based on the views and opinions expressed by the Vice-Chancellor, Principals, and Heads of various institutions, students in aspects of attendance, evaluation system, time constraints, time schedule for co-scholastic activities and other operational aspects of CBSS.