LOC Full Form
What is full form of LOC?
- LOC- Line of Control
- LOC - Line of Credit
LOC as Line of Control
The Line of Control (LOC) separates the areas of Jammu and Kashmir governed by India and Pakistan. For both India and Pakistan, the Line of Control is a de facto border rather than a legally recognized international boundary. The Line of Control (LOC) is a 740-kilometer-long military control boundary separating India and Pakistan in the Jammu and Kashmir areas. The line is frequently defended with heavily pointed wire coils, a type of fence installed by the Indian army. The line is guarded by Indian army control posts on the Indian side and Pakistani army control posts on the Pakistani side. It was previously known as the Cease-fire Line, but it was renamed the 'Line of Control' when the Simla Agreement was signed on July 3, 1972.
History of LOC
The princely state of J&K became a subject of conflict between India and Pakistan after India's partition. India as a consequence became the ruler's accession, but Pakistan invaded the state and captured a big part of the territory before Indian armies could reach the borders. The First Kashmir War lasted more than a year in 1947. It didn't stop until a truce was struck through UN mediation. Both parties agreed on a cease-fire line. After the 1965 war and the 1971 Indo-Pakistani conflict, only minor alterations were made to the original cease-fire line. Furthermore, both nations agreed to transform the cease-fire line into a "Line of Control" in the later Simla Agreement in 1972.
Both countries agreed that it should be treated as a de facto boundary that should not be crossed with armed force. The agreement states that "neither side shall attempt to unilaterally modify it, regardless of mutual disagreements and legal interpretations." The United Nations Military Observer Group in India and Pakistan (UNMOGIP) was entrusted with investigating cease-fire breaches in India and Pakistan. Their influence, however, dwindled after 1971.
Villages and Population
A lot of communities surround the Indian border and the zero line. Pakistan has not constructed a border barrier. A handful of settlements are also located near the zero line. In the Tithwal region, thirteen villages stand in front of the Indian border. Between the barrier and the zero line on the Indian side, people residing there belong to more than 60 communities. At least one million people are reported to dwell in the districts near the LOC, which runs from Rajouri to Bandipora.
The life of civilians near it
There is an ongoing territorial dispute between the two nations here. As a result of the territorial divide, many villages were broken up, and family members were separated. Furthermore, just a few families saw each other along the LOC but could not meet. However, people on the Pakistani side of the LOC are suspected of inciting infiltration and ceasefire violations in some regions.
LOC as Line of Credit
LOC is expanded as Line of Credit. Credit accounts typically come in many forms, such as auto loans, mortgages, student loans, credit cards, and so on, but there are a few more that have been classed and grouped into three main credit kinds. As a result, there are three sorts of credit limits: open credit, installment credit, and revolving credit. It has also been said that these lines of credit may be acquired and repaid utilizing various arrangements.
Three Lines of Credit
1. Installment Credit: It has been determined that the installment credit system is a credit mechanism in which the loan can be obtained in a lump amount and returned with set installments in terms of interest. The account is said to be closed when the credit is typically paid off. Personal loans, school loans, vehicle loans, and many other types of credit payment systems are examples of this type of payment system.
2. Open Credit: The open system has a unique payment strategy in which the monthly payment basis often fluctuates, and the amount becomes due after the billing cycle. The power bill is a fantastic illustration of the open credit system, as the amount owed is often determined by the quantity of electricity the user utilizes during the given month. It is also anticipated that the individual would pay the whole bill within specific days of receiving it.
3. Revolving Credit: Revolving credit accounts typically allow the borrower to repay the amount from a single-line method with a maximum limit. On the due date of each statement, interest is applied to the outstanding debt. As a result, it is simple to avoid paying interest on the balance at the end of each month.
Benefits of a Line of Credit
The use of a line of credit is examined in this point, where it is said that these credits are often not utilized to pay for one-time purchases such as a car or a house, for which auto loans and mortgages are available.
These strategies are used to obtain products that are not readily available through banks or underwritten loans.
These credit lines are frequently used for some primary business purposes, such as smoothing out the variables of monthly income and also for expenses that are used in several financial projects, where it is challenging to estimate the exact amount of funds that will be required for completing the given task in advance.