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What is a NOTAM and its types, examples, and working in aviation?

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What is a NOTAM and its types, examples, and working in aviation?

There are many typical words and formats in aviation, and NOTAM is one of them. The NOTAM has its bad and good reviews which are based on some incidents that happened in the past, which would be discussed later in this article.

What is a NOTAM in aviation?

A NOTAM is a kind of notice (A notice to an Airman or a notice to an Air Mission) containing essential information about the flight route or its location. In these unclassified notices, those flight operations are mentioned that could affect aviation. 

By using special concentrated characters the language in these notices (i.e NOTAMs) is become unique and needs to be decoded by the aviation authority. 

What are the examples of NOTAMs?

Given below is a typical form of concentrated characters that call NOTAMs in aviation language. Here we are using the NOTAM of London Heathrow AirPort.

A1234/06 NOTAMR A1212/06
Q)EGTT/QMXLC/IV/NBO/A/000/999/5129N00028W005
A)EGLL
B)0609050500
C)0704300500
E)DUE WIP TWY B SOUTH CLSD BTN ‘F’ AND ‘R’. TWY ‘R’ CLSD BTN ‘A’ AND ‘B’ AND DIVERTED VIA NEW GREEN CL AND BLUE EDGE LGT. CTN ADZ

You can see the decoded format of this NOTAM by visiting the Wikipedia NOTAM page. 

How NOTAMs works?

NOTAMs typically work like uncategorized notices or advisories to alert pilots or members of the crew regarding the fight by means of telecommunication that contain information concerning,

  1. Of potential hazards along a flight route or at a location.
  2. Concern about the establishment, procedure, condition, or change of any facility, service, etc.
  3. Indicating the Real-time position and abnormal status of the flight that could impact users.
  4. Identifying the common issues, FAQ, best practices, etc in the form of two NOTAMs, (Airpot NOTAM, and Pilot NOTA).

What are the types of NOTAMs?

There are mainly 10 types of NOTAMs that are used in aviation.

What are the types of NOTAMs

  1. Domestic NOMATs
  2. International NOTAMs
  3. Military NOTAMs
  4. Civil NOTAMs
  5. Class I NOTAMs
  6. Class II NOTAMs
  7. Special Activity Airspace (SAA) NOTAMs
  8. Center Area NOTAMs
  9. Flight Data Center (FDC) NOTAMs
  10. Including type (O) and type (U) NOTAM (D)

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References

  1. NOTAM – https://en.wikipedia.org/wiki/NOTAM
  2. Types of NOTAMs – https://www.pilotmall.com/blogs/news/9-types-of-notams-used-in-aviation-guide
  3. What is a NOTAM – https://www.faa.gov/about/initiatives/notam/what_is_a_notam

15 Most Important Benefits of having a Pan Card

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15 Most Important Benefits of having a Pan Card

A Pan card is a very important document in terms of financial transactions. You have to be a pan card holder if you want to do these works properly in your daily life. Given below 15 most important benefits of having a pan card. 

What is a Pan card?

A Pan Card is a “Permanent Account Number” that is issued by the Income-tax department. On a pan card, a ten-digit pan number which is in both numeric and alphabetic characters is allotted to the individual in the form of a laminated card.

Read Also What type of income sources are taxable under the Indian income tax act 1961 in 2023?

How many days are required to get a New Pan card?

After applying for a Permanent Account Number i.e a Pan card the pan number is given to you immediately after the application process successfully completed. After that, you can get your New Pan Card within 2 to 15 working days by post. 

Read Also What is the relationship between transacting in excess cash and income tax?

After how many days you will get a new Pan card if made any corrections to it?

To get a new Pan card after any modifications to your Pan card details it comes to you by post within 5 to 15 working days.

What are the 15 Most Important Benefits of having a Pan Card?

Here are the 15 most important benefits of having a Pan Card in your daily routine life.

  1. For Opening Bank Accounts – To open a new bank account in any bank a Pan card is a must document that is required during you apply for a bank account number. For any transaction of more than Rs. 50,000, a pan card must be linked to your bank account.
  2. To invest in Fixed deposit (FD) – If you want to invest in FD and the value is above Rs. 50,000 then, you need a Pan number. This is because the banks cut TDS on your FD’s interest.
  3. Apply for a Loan 
  4. Can be used as an identity card 
  5. For apply a telephone connection
  6. For sales and Purchase
  7. High price jewelry buying
  8. Income tax return
  9. tax return claim settlements
  10. Foreign Currency exchange
  11. Invest in securities
  12. To open a Demat account
  13. Real estate business
  14. For Investing money through the share market
  15. Mutual funds

What type of income sources are taxable under the Indian income tax act 1961 in 2023?

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What type of income sources are taxable under the Indian income tax act 1961 in 2023?

There are many sections in the Indian income tax act 1961 under which if your income exceeds the tax slab limit, then along with regular income, business income, and any profit from other sources are taxable under this act if this exceeds the income tax slab.

Income sources that are taxable under the Indian income tax act 1961 in 2023?

A list of income sources is given below that are taxable under the Indian income tax act 1961 in 2023.

  • Capital Gain tax.
  • Tax on profit upon house/plots, and other types of property.
  • Corporate taxes (including both Indian and foreign companies) – Minimum Alternative tax (MAT), Security transaction tax (STT), Fringe Benefits tax (FBT), etc.
  • Income tax on Gambling.
  • Income tax on Dividends.
  • Lottery prize income tax.
  • Wealth income taxes – HUFs (Hindu Undivided families), Residential status tax liabilities, Companies, and Individuals.

Read More – Top 11 Features of LIC Jeevan Labh Policy | LIC 936 Plan Top Features 2022

Indian Income Tax and budget 2022-23 few questions

If anyone whose income crosses the Indian income tax slab limit then, you should aware of paying income tax to the government.

The income tax slabs are changed with the phase of time for an upcoming financial year. The rights to change something in income tax slabs are in hands of the finance ministry of that particular country.

The Finance minister of that country announced any income tax exemption or increase when representing the union budget on a particular date and time in the first quarter of the year.

The current union budget of India for the year 2022-23 was represented by Indian finance minister Smt Nirmala Sitharaman on 1 February 2022 in the parliament house of India. The total expenditures expected by the Indian government to spend for the year 2022-23 is around 39, 44, 909 Crore INR.

Read More – What is the relationship between transacting in excess cash and income tax?

Disclaimer – All information given above is only for educational purposes. Here, we are not giving any suggestions or financial advice.

What is the relationship between transacting in excess cash and income tax?

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What is the relationship between transacting in excess cash and income tax?

If you transact a large amount in cash then you can fall in the eyes of the income tax department. Today we are going to tell you that if you do most of your big transactions in cash, then what does income tax say on it?

Read More Difference between Repo rates and Reverse Repo rates

Income tax and your transaction’s report

Talking about today’s modern era, making payments through online platforms i.e. making digital payments provides a lot of convenience to the income tax and along with it, the finance department of the government in keeping an eye on your bank account or other financial resources.

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Income tax notice

On the other hand, if you do a transaction in the opposite case and that too a big transaction, then the income tax becomes alert and can also send you a legal notice for certain reasons. Below we have discussed these reasons.

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What is the relationship between transacting in excess cash and income tax?

  1. First of all, if you deposit a large amount in your bank account as cash. Suppose you deposit an amount of INR 10,00,000 or more in your bank account in a financial year, then in such a situation you may get an income tax notice.
  2. Along with this, if you are getting FD in the bank and you deposit more than 10 lakh rupees in cash within 1 year on that fixed deposit, then you may also have to face income tax notice. You have to tell the Income Tax Department about all the money deposited in your FD account, from where did you get so much money?
  3. If we talk about the the bill payment of a credit card, then if you deposit more than one lakh as your credit card’s bill in cash in 1 month, then you can face an income tax notice. On the other hand, if we talk about the whole year (In a financial year), then if your credit card bill crossed INR 10 lakhs and you deposited it in cash, then you may have to spin the Income Tax Department.
  4. Along with this, if you have bought or sold any land and the total value of that land purchased or sold is more than INR 30,00,000 then, in such a situation you should have complete information about where the cash came from. If any notice is issued on this, then you will have to share that complete information with Income Tax about the source of money.

Difference between Repo rates and Reverse Repo rates

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Difference between Repo rates and Reverse Repo rates

The Reserve Bank of India (RBI) has increased the repo rate 3 times before September 2022. Due to this, there is currently a 5.40% repo rate. Now it is being speculated by experts that in the coming time, RBI may increase the repo rate to 0.50% and this is so that the ever-increasing inflation rate can be controlled.

At present, the average inflation rate has exceeded the estimated figure, due to which the RBI can take a decision to increase the repo rate in the coming time. Before talking about this in more detail, let us tell you what is repo rate and what is reverse repo rate.

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What is the Repo rate?

Repo rate means the rate at which RBI lends to other banks and after that banks provide loan facilities to their customers at an interest rate.

If this happens, the loan to the banks will be expensive, then the banks will increase the interest rates on any type of home loan, car loan, personal loan, and any other type of loan to the general public.

When it happens the biggest impact is on the common man. If they take a loan from banks or have any kind of EMI, then they will have to pay more money.

Read More What is PayPal LoanBuilder? Requirements, Good & Bad, Etc.

What is the Reverse Repo rate?

Reverse repo rate means when RBI borrows money from other commercial banks and if the reverse rate on the money received by RBI is high then the banks which are giving money to RBI will make more profit.
By doing this, there is also an advantage to those banks that they are completely sure of security because they are giving money to RBI which is completely safe.

At the same time, RBI does this so that if the banks have more money in the market, then they can bring it to a balanced state.

Read More Richard Branson’s Virgin Galactic Space Flight 2022 | Cost Per Seat or More | Launch Date

Why RBI may increase the repo rate in the future?

Market experts believe that in the coming time, the RBI may increase its repo rate on the lines of the Federal Reserve System of the United States of America so that the inflation rate can be brought up to the estimated figure.

America is currently going through the highest inflationary phase in 41 years of its history. To reduce this or to bring it to a balanced state, the Federal Reserve System has increased the interest rate by 75 bps.

Due to this, the Indian stock market facing a downfall this week, and the second, it has also down the global currency. Many of the world’s currencies have fallen against the dollar, ranging from Britain’s Pond to New Zealand Dollar, Euro, the Chinese currency, South African currencies, etc.

Different between Add Money in Wallet Groww Indian Stocks vs US Stocks

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Different between Add Money in Wallet Groww Indian Stocks vs US Stocks

Different between Groww Indian Stocks vs US Stocks – There is a big difference between Groww’s Indian Stocks vs US Stocks. The difference is, USD and INR, that’s it.

Process of adding money to Groww’s wallet

In the stocks section, a user can add money from the bank to Groww’s wallet directly through internet banking, UPI, etc. But to add money in US stocks the process is not as simple as Groww’s simple stocks wallet option.

Read More 10 Most Important Points Since Ratan Tata Became Trustee Of PM Cares Fund

Different between Add Money in Wallet Groww Indian Stocks vs US Stocks

If you want to add money from your Indian bank to your US stocks wallet on Groww, first you must add money to the USA-based bank account (US beneficiary).

Different between Add Money in Wallet Groww Indian Stocks vs US Stocks
Image – Groww.com

Groww guides you on how to add money to Us stocks

To add the money the whole process is described by Groww on its platform for different bank accounts in India. First, you deposit money from your Indian bank account to USA based beneficiary’s account in USD.

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Conversion of INR to USD on Groww

Here I mean to say that if you want to add $100 to US stocks on Groww then, by calculating how much INR is required to convert it to a $100 amount. For Example, if $1 = INR 79 then you deposit a total of 7900 INR to USA based beneficiary account.

Taxes on Groww to add money to Us stocks

But remember from GST to currency change taxes are applied during the completion of this whole process. Many taxes are applied during adding money from an Indian bank to a US stocks wallet on Groww (Usually from 500 rupees to so on, depending on the amount you have to add in the Us stocks wallet on Groww).

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Time taken by the process on Groww for successfully adding money from INR to USD

The process of adding money from an Indian bank to a US stocks wallet on Groww takes 3/4 days. You have to handle many emails, receipts, and PDFs during this process. Also, you need to submit a transaction statement on Groww to your bank within a limited period of time.

Ready to invest in US stock on Groww

After the whole process is completed (Which usually takes 3/4 days) by you the added balance in USD to your US stock wallet on Groww starts seeing. Now you are ready to invest in US stocks. On Groww the first withdrawal is free then you have to pay $9 per withdrawal.

Bad Credit Loan Options 2022

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Bad Credit Loan Options 2022

There is a list of the top 5 platforms on which you can have a bad credit loan facility even on the same day. Lots of factors are responsible to find the top 5 lenders which give you loans with a bad credit history.

Overall performance of top lenders in terms of the number of users having loans with these top 5 lenders, services charges, interest rates (APR), loan tenure, customer service, past time loan history, etc are inn the list of checking. These top 5 lenders are, 

Bad Credit Loan Options 2022

  1. Money Mutual
  2. BadCreditLoans
  3. RadCred
  4. CashUSA
  5. Personal Loans

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Bad Credit Loan Options 2022 Pros & cons

Money Mutual Pros

  1. Fast Approval.
  2. Best for those who have a bad credit score.
  3. No services charge and origination fees.

Money Mutual Cons

  1. Agreement issues responsibility factory in case of further issues.

Read Also What is PayPal LoanBuilder? Requirements, Good & Bad, Etc.

BadCreditLoans Pros

  1. No checking of your credit score.
  2. Fast loan approval.
  3. Privacy and prioritize security.

BadCreditLoans Cons

  1. Maybe a high APR as compared to other lenders, but it depends. 

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RadCred Pros

  1. A short-term loan facility.
  2. A secure loan option in the market.

RadCred Cons

  1. Think a second in mind the Stock value factors with RadCred loans.

Bad Credit Loan Options 2022

CashUSA Pros

  1. A variety of ranges of loan amounts are available in CashUSA loans.
  2. Interest rates with an affordable repayment tenure.
  3. Encrypted safeguards data facility.

CashUSA Cons

  1. You have to provide lots of personal information to avail of the CashUSA loans.

Personal Loans Pros

  1. Fast approval of money.
  2. A loan amount of around $35,000 is available through Personal Loans.
  3. No credit checking.
  4. Nice customer service.

Personal Loans Cons

  1. If you have a very low credit score then your chances of getting a loan are less.

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What is PayPal LoanBuilder? Requirements, Good & Bad, Etc.

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What is PayPal LoanBuilder? Requirements, Good & Bad, Etc.

A Paypal LoanBuilder is a kind of short-term loan provider lender. Paypal LoanBuilder is a product of the financial technology company Paypal. The LoanBuilder is sometimes very similar to a Paypal Business loan, especially in terms of 10 Minutes questionnaire season.

What are the some Good & Bad in Paypal LoanBuilder?

As the Paypal LoanBuilder has its own limited boundaries in terms of a business loan, hence like other loans it has also some advantages & disadvantages. Let’s take a look,

Good features (Pros)

  1. The eligibilities or the requirements to qualify for a Paypal LoanBuilder are very less.
  2. The LoanBuilder is available in around 45+ States of the United States of America.
  3. A Very fast funding time (Loan disbursed time is around 1 business day).
  4. Clear competitive pricing – No extra charges or fees.
  5. Only a fixed single fee is taken as repayment, and no APR applies.
  6. A low personal credit score of around 600+ is required.
  7. Quick and easy loan option for small businesses which need urgent investment in terms of money.

Some Bad Features (Cons)

  1. A UCC-1 blanket lien is required.
  2. No exemption is given in case of early repayment.
  3. This is only a business loan that takes only for a short period of time, not a long-term business loan option.
  4. Under this loan not all industries are covered or if we say that all industries are not eligible for the Paypal LoanBuilder.

What are the PayPal LoanBuilder Requirements?

The eligibility criteria to borrow a LoanBuilder loan in case only with limited industries is very less. If your business fulfills this criterion then you have a chance to qualify for a short-term PayPal loan option i.e. LoanBuilder loan. Here are the required eligibilities,

  1. First, you must have a business located in the United States.
  2. You must have a good personal credit score of around 600+
  3. Your business’s annual revenue must be more than $40,000.
  4. Have no active bankruptcies.
  5. A personal loan guarantee is required.
  6. The minimum age of your business must be 9 months.
  7. Your business must be lies in the category of 490+ industries approved by PayPal LoanBuilder.

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What is the process of Debit (Repayments)?

The repayments are weekly debited from your business bank account. In this process after completing the application form, and if approved with customized terms according to the amount of loan sanctioned and duration for repayments.

A contract will be sent to you by email that must have been electronically signed by you. In this contract, all instructions by the bank are mentioned. After reading these instructions you will know how repayments work weekly. 

How to Withdraw Money from SBI ATM Machines with the help of an OTP in 2022?

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How to Withdraw Money from SBI ATM Machines with the help of an OTP in 2022?

State Bank of India (SBI) always strives to ensure the safety of its customers’ bank accounts and their debit and credit cards, etc., and all other banking facilities to run smoothly and make them more and more secure.

In this episode, in the year 2022, SBI has started an OTP-based verification process to withdraw money from the SBI ATM machine with the help of an ATM card.

Read More Top 15 Features of the SBI Annuity Scheme 2022

How to withdraw money from SBI ATM Machines with the help of an OTP?

In this process, whenever you go to any SBI ATM machine taking your SBI ATM card with you and want to withdraw cash, now you have to enter an OTP before withdrawing cash, and only then your cash will be processed.

Read More SBI Pre Approved Personal Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

How does the SBI ATM card OTP Verification Process work?

In this process, OTP will come on your number which is registered in your bank account, and this OTP will be of 4 digits. Whenever you go to withdraw the cash through the SBI ATM machine, then to get this you will have to enter an OTP there.

So here you have to pay attention that from now on whenever you go to the SBI ATM machine for cash withdrawal with an SBI ATM card, you will have to keep your registered mobile number with you.

Read More SBI Pension Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

At what amount the OTP will be sent by the SBI ATM Machine to our registered mobile number?

This new rule of SBI will be applicable on the withdrawal of Rs 10,000 and above i.e. when SBI customers get their SBI cash withdrawal done with an SBI ATM card, they will be sent a four-digit OTP on their registered mobile number. The OTP will have to enter the ATM machine immediately and only then the cash will be processed.

Read More SBI Loan against FD | Eligibility, Interest Rate, Apply

Why did SBI do this?

SBI has recently taken this step to make ATM transactions more and more secure. The State Bank of India (SBI) says that it wants to protect its customers from maximum ATM fraud.

After the start of this facility, you will not be able to withdraw cash unless you do OTP verification, that is, you will not enter the OTP in the machine.
Let us tell you that SBI is the largest bank in India. The total combined number of people using SBI’s Internet Banking and Mobile Banking is more than 11 crores.

Read More SBI Kavach Personal Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

Top 11 Features of LIC Jeevan Labh Policy | LIC 936 Plan Top Features 2022

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Top 11 Features of LIC Jeevan Labh Policy | LIC 936 Plan Top Features 2022

LIC Jeevan Labh Policy or LIC Plan No. 936, under which you get both savings and protection. Under this policy, a person from 8 years to 59 years can apply and can take advantage of maturity benefits, or additional benefits along with death the benefit from a small investment.

In this policy, if the policyholder dies due to any reason, then the nominee is given the benefit of a sum assured up to Rs 2,00,000 as well as maturity benefit and additional benefits.

Read More Top 15 Features of the SBI Annuity Scheme 2022

What is LIC Jeevan Labh Policy | LIC Plan No. 936?

LIC comes up with different plans from time to time for its customers. Under this, LIC Jeevan Labh Policy or LIC’s plan number 936 is such a plan, that both saving and protection options are given to the policyholder simultaneously.

This is a limited premium paying policy, and also a non-linked policy. The meaning of non-linked policy can be understood from the fact that this policy has no relation to the stock market. In the future, if the prices rise or fall in the market, then that time the market values will not affect your policy and your money.

Your policy will be absolutely safe and you will be given the full amount on maturity under the LIC Jeevan Labh policy.

This policy has been brought into the market by LIC keeping in mind the reasons like a marriage of children, buying property, etc. in the future and for their education, etc. Let us now talk about the top 11 features and aspects of this policy, so that you will quickly understand so many things about the policy.

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Top 11 Features of LIC Jeevan Labh Policy, LIC 936 Plan Top features

Here are the top 11 features of LIC Jeevan Labh Policy (LIC plan no. 936).

  1. The name of this policy is LIC Jeevan Labh Policy or LIC Plan No. 936. This is a non-linked endowment plan with a limited premium paying terms option. 
  2. The minimum age limit for applying to LIC Jeevan Labh Policy is 8 years and the maximum age limit is 59 years.
  3. Your maximum maturity age limit under this policy should be up to 75 years. That is, if you are 59 years old, then you can take a policy term of 16 years. Under which 59 years (your age at the time of taking the Policy) and 16 years (Policy term) in total you will get maturity benefits at the age of 75 years.
  4. In this policy, there are 3 policy terms, the first is 16 years, the second is 21 years and the third is 25 years.
  5. You get a premium paying terms (PPT) option of up to 10 years for the policy term of 16 years. 15 years of Premium paying terms (PPT) option for the policy term of 21 years, and 16 years in the policy term of 25 years. That is, if you have taken a policy for 25 years, then in this you have to pay a premium for 16 years.
  6. Under LIC Jeevan Labh policy you can choose a time period/frequency for paying your Policy Premium, monthly, quarterly, half-yearly, yearly, and also under the SSS mode i.e. Salary Savings Scheme mode. 
  7. In this policy, you have to take a minimum sum assured of Rs 2,00,000. No limit on the maximum Sum Assured. 
  8. Under this policy, if you pay regular premiums for 3 years, then the facility of a loan will also be provided to you.
  9. There is no limit on the maximum amount you can invest under this policy.
  10. You also get income tax exemption under LIC Jeevan Labh’s policy.
  11. Under this policy, if the policyholder dies, then whoever is the nominee in the policy is given the sum assured along with other additional benefits.
    That is if the policyholder dies before the end of the policy, and he has paid all the premiums so far, then whoever is the nominee in that policy will be given the Sum Assured after the death of the policyholder. And along with the Simple Reversionary Bonus, you will also get the benefit of the Final Additional Bonus.
    Overall we can say that the nominee will be given an additional sum insured.

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Tell me an example of LIC Jeevan Labh Policy

Suppose your name is Ram and your age is 30 years. Now you have taken LIC Jeevan Labh policy at the age of 30 years for 25 years, then in the policy term of 25 years, you will have to pay regular premiums for 16 years.

In this, you need a minimum sum-assured amount of Rs 2,00,000. Now in such a situation, if you take the option of paying your premiums monthly, then your monthly premium will be around Rs 798 and if you take an annual premium paying terms option then your yearly premium will be around Rs 9450.

The total amount of Premiums

So now in such a situation, you pay a total premium of Rs 1,48,065 for 16 years.

I.e Total Premium amount = Rs 1,48,065

The Total amount of Maturity Benefits

After 25 years of Policy, i.e after maturity of the policy, you will get Rs 2,00,000 as sum-assured plus around Rs 2,34,435 as a Vested Simple Reversionary Bonus, and around Rs 90,000 as a Final additional bonus will be given to you as maturity benefit.
In this way, you will get a total of Rs 5,24,435 after the maturity of the policy.

Sum Assured amount = Rs 2,00,000

Vested Simple Reversionary Bonus = Rs 2,34,435

Final Additional Bonus = Rs 90,000

I.e Total Maturity Benefits = Rs 5,24,435

Read More SBI Loan against FD | Eligibility, Interest Rate, Apply

FAQ – LIC Jeevan Labh Policy, LIC 936 plan

What will be the amount of money given as a death benefit in this policy?

In this policy, a sum assured of Rs 2,00,000 plus Vested Simple Reversionary Bonus, plus Final Additional bonus are given to the nominee. The amount of the bonus depends on the age of the policy, the longer the age of the policy, the higher will be the bonus amount. 

Read More What is LIC Dhan Rekha Policy | LIC Plan 863?

Is there available a Grace Period in LIC Jeevan Labh Policy?

Yes, there is. If you pay your premiums monthly then you are given a grace period of 15 days, and if you pay your premiums quarterly, half-yearly, yearly then you are given a Grace period of 30 days for this.

The grace period is the extra time after the due date for payment of your premium. If the policyholder dies during the grace period, then LIC will pay the death claim in it.

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