Yes, there is. Records of attendance for any student in classes do not, in any way affect his or her ability to give exams, or his grades. This means that, just because you don’t attend a single class, you won’t be deterred from giving exams, or get lesser grades than a person with 100% attendance. In other words, instead of 75% attendance, here in BITS, it is 0% attendance.
Now, this system brings a few pros and cons attached to it.
The first most useful pro is, freedom. If you decide that you would gain more by studying at home, and watching lectures online(you can watch any lecture that you missed at an online portal), or by doing some personal projects(many people do them), then you can do that without being in the fear of compromising your attendance. This translates to complete academic freedom, and develops a sense of responsibility.
The second less obvious, but equally useful pro is, you can attend any lecture you want. ANY lecture. That means, a first year can attend third year courses, if he decides he has something to gain from them. I have even heard that the faculty allow such enthusiastic students to give exams along with the people legitimately taking the course, and correct those copies personally. You can also attend lectures from other professors teaching in different lecture sections for the same course, of course, if you find your own lecturer not to your taste. An important thing to add is that, if you miss a test, assignment, or any evaluative component in your own section to attend another section you are not enrolled to, you will lose all marks of that component(since you will be marked absent in your section).