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One will be known as Mathematics - Standard for the existing level of examination, and the other will be known as Mathematics - Basic for the easier level of the exam (for students who do not want to study Maths in future) “the syllabus, classroom teaching and internal assessment for both the levels of examination would remain the same; so that the students get an opportunity to study the whole range of topics throughout the year and are able to decide upon the level of Board examination depending upon their aptitude and abilities.”
To know more about basic and standard maths, read the FAQ circular attached published by CBSE-