All About IMF | What, Functions, Benefits, Members, Definition, Full Form of IMF

IMF

Contents:

1. History of the IMF
2. What is the IMF?
3. Who is the MD of the IMF?
4. What is the full form of IMF?
5. What are the functions of the IMF?
6. How many countries are in the IMF? 
7. What is the qualification for joining the IMF?
8. What are the benefits of IMF?
9. What are the objectives of the IMF?
10. What are the roles of the IMF?
11. How does voting Members are appointed in IMF?
12. Which type of operations are done in the IMF?
13. What are the Pros and Cons of IMF?

History of the IMF

IMF was established in 1944 as a result of the original layout of part of the Bretton Wood System exchange agreement, it was a primary idea of Harry Dexter White and John Maynard Keynes. It came into existence in the year 1945 with 29 member nations. The IMF staff consists of 150 nationalities and has 24 executive directors that represent 189 member countries with its headquarters in Washington D.C. English is the organization's official language. United Nations (UN) is its parent organization. 

What is the International Monetary Fund?

The International Monetary Fund (IMF) is an international organization that promotes global economic growth and economic stability, promotes international trade and alleviates poverty.

Key Points

• The IMF is an international agency that seeks to promote trade and improve the economic situation in poor countries.

• The IMF assists its members with regard to the balance of payment issues with the supply of required credit.

• The latest estimates from the IMF show that there is a disappointing estimate compared to those produced in April.

Who is the MD of the IMF?

Kristalina Georgieva is the (MD) managing director of the International Monetary Fund (IMF).

What is the full form of IMF?

IMF stands for International Monetary Fund

What are the functions of the IMF?

The main purpose of IMF is to ensure the stability of the international monetary system which is done in several ways i.e.

1. Exchange Stability:

The first essential task of the International Monetary Fund (IMF) is to maintain exchange stability and to discourage any fluctuations in the exchange rate. Such stability is found based on a 10 percent or more requirement by declaring the value of all members' currency in gold or the US dollar, applying the devaluation standard, finding more information, or the IMF. Guaranteed reliability. In order, members are prohibited from going to multiple exchange rates and buying or selling gold at prices other than the stated value.

2. Eliminating BOP Disequilibrium:

The fund helps member nation to eliminate or reduce the balance of short-term payments such as selling or lending foreign currencies to members. The fund helps its members to overcome long-term inequalities in the balance of payments. The Fund may advise its members to change the value of their currencies in the case of fundamental changes in the economy of its members.

3. Determination of Par Value:

The IMF implements a system of determining the par value of the currencies of the Member countries. According to the original articles of the IMF Agreement, each member state must declare its currency equivalent in gold or US dollars. According to the revised articles, members are given autonomy to change the float or exchange rates according to the level of the internal rate of demand in the exchange market.

According to this article, the IMF is using surveillance to ensure optimal performance and balance in the international currency system, that is, by adopting an interventionist approach to prevent exchange rate manipulation and to deal with short-term movements in the value of currency exchange.

4. Stabilize Economies:

An important task for the IMF is to advise the Member countries on various economic and monetary matters and thereby help to stabilize their economies.

5. Credit Facilities:

The IMF operates a variety of credit and credit facilities to assist the Member State to correct inequalities in its member's balance of payments. These loan facilities include basic credit facility, 3-year extended fund facility, indemnity financing facility, low stock facility, subsidiary financing facility, special oil facility, trust fund, and construction adjustment facility to assist primary producer countries. The fund also collects interest from its borrowing countries.

6. Maintaining Balance Between Supply and Demand of Currencies:

The IMF has been entrusted with the important task of maintaining a balance between demand and supply of various currencies. Accordingly, the Fund may declare a currency as a rare currency with high demand and increase its supply by borrowing from the respective country or buying the same currency instead of gold.

7. Maintenance of Liquidity:

The IMF has another important task to maintain its resource liquidity. Accordingly, there is a provision for member nations to borrow from the IMF (International Monetary Fund) by surrendering their currencies. In order to fund low-demand currencies, borrowing countries have been ordered to repay their loans in convertible currencies.

8. Technical Assistance:

The IMF is also doing a fruitful job of providing technical assistance to member nations. Such technical assistance is provided in two ways, namely, by sending their expert and expert services to the Member country first and secondly by outsourcing.

Also, the Fund has established two separate new divisions:

• Central Banking Services Department and
• Rendering the expertise of Member countries to the Department of Economic Affairs for the management and management of its central banks.

9. General Watch:

The IMF generally focuses on the monetary and fiscal policies adopted by the member countries to prevent the flow of charter provisions.

How many countries are in the IMF? 

The IMF is a 189-nation organization that strives to promote global monetary cooperation, secure financial stability, and provide international convenience. Promote trade, high employment, and sustainable economic development and reduce poverty worldwide. The primary objective of the IMF is to ensure the stability of the international monetary system - exchange rates and international payment systems, which enable countries (and their citizens) to interact with one another.

The UN is a country of origin, not all UN member states belong to the IMF. Countries like Cuba, Monaco, and Andorra are UN members but don’t belong to the IMF. All members of the IMF belong to the IBRD (International Bank for Reconstruction and Development).

What is the qualification for joining the IMF?

Countries interested in joining the IMF (International Monetary Fund) are required to send membership applications that would be passed by the majority members of the organization. Upon joining, members would be assigned a loan based on their world economy. IMF also ensures that an interest rate of zero percent on loans is given to low-income countries or countries with struggling economies. It is also able to lend to its member countries a total amount of one trillion dollars. There are 36 leading arrangements.

What are the benefits of IMF?

IMF-related benefits are explicitly guaranteed to the 184 countries that have voluntarily joined the organization. Membership is expected to help these countries better manage their economies. Since Member nations know that they follow the IMF Code of Conduct, membership promotes investment and trade, leading to full employment. The International Monetary Fund (IMF) also provides technical assistance and financial assistance to the Member State when needed.

• Access to information on the economic policies of all Member nations
• Opportunity to affect members ’financial policies
• Obtaining technical support in banking, financial matters and exchange matters
• Financial assistance during payment difficulties
• Opportunities for trade and investment have increased

What are the objectives of the IMF?

The original goal of the IMF was to avoid competitive devaluation and exchange controls that were characteristic of the 1930s. This has been done to maintain "fair practice codes" in the foreign exchange sector and to provide short-term loans to member countries that are experiencing a temporary deficit in the balance of payments so that they can afford to make these payments for depreciation. Finish. Or exchange controls, while at the same time adopting domestic policies and international policies to maintain high levels of employment.

Therefore, there are basically three general goals of the IMF:

1. the removal or absence of existing exchange controls;
2. the establishment and maintenance of currency convertibility with fixed exchange rates, and
3. Multilateral trade and broader expansion of payments.

What are the roles of the IMF?

The main functions of the IMF are:

1. It operates as a short-term loan company.
2. It provides machines to gradually adjust the exchange rates.
3. This is a repository of all member countries' currencies, from which the borrower can borrow the currency of other countries.
4. It is a foreign currency lending company. However, it only funds current transactions and not capital transactions.
5. It also sometimes provides machines to convert the value of a member's currency to its equivalent. In this way, it seeks to provide for a systematic adjustment of exchange rates, which improves the long-run equilibrium of member countries' payment conditions.
6. It also provides machinery for international consultation.

Properly, the fund contributes to the promotion and maintenance of high levels of employment and real income and the development of productive resources of all Member nations.

How does voting Members are appointed in IMF?

Voting members are appointed by the corporate members.

The voting power of the International Monetary Fund (IMF) is based on the quota system. Each member has the actual number of votes cast, which is 5.502% of the total votes and an additional vote for each Drawing Rights (SDR) of 100,000 in the member country's quota.

Which type of operations are done in the IMF?

The growth of IMF along with its global economy throughout its 70 years of operations has helped the organization retain its central role within the international financial architecture. Unlike the UN, where each country has one vote, the IMF was purposed to reflect the relative positions of its member countries in the global economy. It continues strategizing to ensure its administration structure adequately reflects crucial changes taking place in the world’s economy.

IMF is accountable and governed by its 189 member countries.

The policies in IMF (International Monetary Fund) are put in place to ensure that purposeful and accurate information is provided in real-time to its global audiences-in both the global economy and its member countries’ economies roles. IMF corporate giving is through the IMF Giving Together Campaign which is a guideline to its humanitarian and community outreach efforts.

What are the Pros and Cons of IMF?

Advantages of the IMF:-
The IMF helps member countries in various capacities.

1. Provides loans to Member Nations: Its most important function is the ability to lend to member countries in need of collateral. The IMF must comply with the terms of these loans, including the proposed economic policies, and the borrowing governments.
2. Fills Deficit Gaps: If a country has a pay deficit, the IMF (International Monetary Fund) can step in to fill the gap.
3. Technical support and Assistance: IMF (International Monetary Fund) serves as a council and advisor to countries attempting a new economic policy. IMF also publishes papers on new financial issues.

Disadvantages of IMF:-

Despite the lofty position and laudable goals, the IMF is trying to overcome an almost impossible economic achievement: making financial interventions purely over time and international. It faces criticism for the following:

1. Too much or too little intervention: The IMF (International Monetary Fund) has been criticized for not doing as much and as much as possible. It has been criticized for being too slow or too eager to resist national policies. Since the United States, Japan, and Great Britain are notorious for IMF policies, it has only been accused of being a tool for free-market countries. At the same time, free-market supporters have criticized the IMF for being too involved.
2. Makes a moral disaster: Some member nations, such as Italy and Greece, have been accused of chasing insecure budgets because they believe the IMF-led global community will come to their rescue. This is not in contrast to the moral hazard created by the bailout of the major banks.

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All about IRDA | Establish, Role, Head, Headquarter of IRDA

IRDA

Contents:

1. What is IRDA?
2. What is IRDA Act?
3. Where is the headquarter of IRDA?
4. Who is the head of IRDA?
5. When was IRDA established?
6. What are the activities of IRDA?
7. What are the powers of IRDA?
8. What is the role of IRDA?
9. How can I Apply for IRDA?
10. Can you buy life insurance in India as a foreigner?

History of IRDA

As you have learned earlier, this is an Indian based autonomous body tasked with promoting and regulating the re-insurance and insurance industry in the mentioned company.

IRDA Act was granted operation basing on Malhotra report recommendations in 1994. After these endorsements, in 1999, IRDA was granted the power to develop and regulate the insurance industry and later incorporated in 2000 April.

What is the Full-Form of IRDA?

IRDA stands for Insurance Regulatory and Development Authority

What is IRDA?

IRDA is an Indian based supervisory body governing both general insurance and life insurance companies. The insurance sector is among the immense opportunities you can enjoy while in India. IRDA controls everything to do with insurance in India using its set guidelines and rules. Just as the head of a family oversees everything in the family, so as the IRDA has the control of insurance policies in India.

What is IRDA Act?

The main objective of IRDA is regulation of insurance matters in India to protect policyholder's interests and enhancement of growth of the Insurance firms.

Background of IRDA Act

• In 1991, the Indian government began reforms in the financial and economic sectors.
• The reforms committee chaired by Mr. Malhotra retired governor later set up the recommended reforms in 1993.
• By 1994, the committee suggested some reforms and this was after studying well the sector and following the sayings of the stakeholders.

Some suggested reforms include

• Companies in the private sector should be permitted to promote insurance firms.
• Overseas promoters should also be permitted
• Regime to establish its supervisory powers to an autonomous regulatory body that is responsible to parliament

Where is the headquarter of IRDA?

The IRDA has its headquarters in Hyderabad, Telangana. To land in this present location, it moved in 2001 from Delhi.

Who is the head of IRDA?

The IRDA current head is S.C Khuntia

The IRDA is comprised of a team of ten members. They are-

• A chairperson who is the head of the Insurance Regulatory and Development Authority.
• Full-time members who are five in total
• Part-time members who are four in total
• The Indian government appoints all the members

When was IRDA established?

• IRDA set up as an independent figure under the 1991 Act.
• The mission of IRDA is protecting policyholders' interests, to promote, regulate, and safeguard the insurance industry growth.

What are the activities of IRDA?

• This powerful body frames the insurance industry regulations according to the 1998 insurance Act section 114A.
• Since 2000, IRDA has been involved in the registration of new insurance firms under the set regulations.
• IRDA monitors the activities of the insurance sector for good industry development and protecting the interests of policyholders.

What are the powers of IRDA?

Below are the functions and powers of IRDA. You can find the powers in section 14 of the IRDA Act.

1. This Authority aims at protecting the policyholder's interests in kinds of stuff associated with an insurable interest, policyholders' nominations, and the policy surrender value among other aspects in the insurance industry.
2. As an applicant of insurance in India, you will receive your registration certificate from this Authorized Insurance body. It also has the power to modify, renew, withdraw, cancel, or suspend your applicant's registration.
3. IRDA outlines the qualifications, practical training, and code of conduct for insurance agents and intermediaries.
4. The Authority promotes effectiveness in running the insurance business.
5. IRDA states how loss assessors and surveyors will conduct their operations in insurance firms.
6. IRDA has powers to conduct an investigation, inquire information, and take part in auditing and inquiry of insurance intermediaries, the insurers, and the organization that is linked with the insurance business.
7. This insurance consultant controls and promotes professional organizations related to the business of insurance. The authority levies charges for this Act.
8. IRDA regulates and controls the conditions, gain terms, and rates provided by your insurer about the over-all insurance business.
9. This Authority regulates fund investments made by insurance firms.
10. IRDA has powers to regulate the solvency margin.
11. The performance of the Tariff Advisory Board is controlled by IRDA.
12. IRDA lays down the ratio of general insurance and life insurance to be taken by an insurer in the social and rural sectors.

What is the role of IRDA?

Maintain dignity is a very important aspect in the smooth running of any given professional set up. For this reason, you need to ensure that you check immediately for any individual going against the rules. IRDA has a role in controlling various situations in the insurance companies some of which you will see below.

1. IRDA is a powerful body with a single mission of ensuring fairness in the insurance industry to avoid customer and client loss. Here is the role of IRDA in ensuring that you have the best when it comes to insurance deals.
2. IRDA protects the interests of policyholders as it ensures justice to everyone in the Insurance industry.
3. This sovereign body encourages the organized progress of the insurance industry to benefiting the customers and boosting economic growth.
4. IRDA sets, monitor, promote and use high integrity standards, fair dealing to those it imposes the rules to.
5. The role of IRDA is to safeguard the insurance holders by ensuring transparency, clarity, and preciseness. As the policyholder, through the board, you will enjoy accurate information on the services and products. You will also know more about your responsibilities.
6. This powerful body aids in providing a mechanism of resolving disputes guaranteeing faster settling of sincere claims. IRDA will prevent you against insurance misconduct and fraud.
7. This insurance monitoring body takes appropriate steps against given standards in the market enforced inappropriately.
8. Ensures optimal self-regulation in everyday activities of the insurance companies according to what prudential regulations require.

How can I Apply for IRDA?

Are you interested in applying for the IRDA? Well, I will take you through the whole process involved in enjoying this wonderful financial platform. The first thing you are supposed to do is visiting the official website of IRDA. Download the application form from the site. Ensure that you go for the format prescribed. Fill your necessary information keeping in mind that you will be required to submit the application form before the deadline. For future convenience, ensure that you retain a print copy after you submit the final form.

IRDA Medicare Rules

In India, insurance in the health sector has gained massive growth over the past few years. This can be because many people nowadays have come to know the importance of leading healthy lifestyles. More people have enrolled in health insurance given that over time now the medical treatment has been too expensive. Another contributing factor is, of course, the increment of disposable income for most people living in India.

The health insurance firm has two main objectives that are providing efficient and timely claims when needed, marketing, and selling health insurance policies. However, policyholders of this insurance frequently complain about being denied especially on energetic grounds by the companies offering health care insurance. To curb this, the Authority has developed new homogenous procedures as a help to people in making successful claims.

Can you buy life insurance in India as a foreigner?

Are you in India as a non- residence and whether wondering if you can get the life of your loved one insured? Yes, it is very possible. FEMA allows you to opt for life insurance as a measure of safeguarding your family's future.

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What is SEBI | Definition, Functions, Headquarter, Powers, Objectives of SEBI?

SEBI

Contents:

1. Define SEBI?
2. Where is the Headquarter of SEBI?
3. What are the functions of SEBI?
4. Why was SEBI formed?
5. Is the SEBI government body?
6. What are the objectives of SEBI?
7. What the powers of SEBI?
8. What are the differences between SEBI and RBI?

Define SEBI?

The Securities and Exchange Board of India (SEBI) was established on April twelve within the year 1992 in conjunction with the provisions of the Securities and Exchange Board of India Act in 1992. The Securities and Exchange Board of Bharat (SEBI) initially was established in 1988 as a non-statutory body for administering the exchange.

It then got regenerate into associate degree autonomous body on twelve April 1992 being given with accorded statutory powers, by the passing of the SEBI Act 1992 by the Indian Parliament. Terribly presently SEBI got planted because the regulator of capital markets in India was beneath a resolution of the govt. of India. 

• SEBI stands for Securities and Exchange Board of India

Where is the Headquarter of SEBI?

Its headquarters is located at the downtown of Bandra Kurla advanced in the metropolis and has Northern, Eastern, Southern, and Western Regional Offices meet in the national capital, Kolkata, Chennai, and Ahmedabad severally. SEBI additionally has opened native offices at Bangalore, Jaipur Guwahati, Bhubaneshwar, Kochi, Patna and Chandigarh throughout the year. 2013 - 2014. The controller of Capital problems was the administrative unit that came into existence before SEBI. Therefore we will say that SEBI has derived authority from the Capital problems (Control) Act of 1947. 

The SEBI is managed by its members that consist of the following: The chairman is nominative by the Union Government of Bharat. Other 2 members i.e., Officers from the Union Finance Ministry and the member from the banking company of Bharat. The remaining 5 member’s area unit nominative by the Union Government of Bharat, out of them a minimum of 3 shall be whole-time members. Once the modification of the 1999 act, collective investment schemes were brought beneath SEBI except for investments like chittis, Nidhi funds, and cooperatives.

What are the functions of SEBI? 

The Preamble of the Securities and Exchange Board of India (SEBI) describes the fundamental functions of the Securities and Exchange Board of India as "...to protect the interests of investors in securities and to push the event of, and to manage the exchange and for matters connected therewith or incidental thereto". SEBI must be attentive to the wants of 3 teams that represent the market, these are Area unit issuers of securities, Market intermediaries, and Investors.

SEBI has chiefly three functions registered into one body:

1. quasi-legislative, 
2. quasi-judicial, and 
3. quasi-executive. 

The varied functions of SEBI are:

• To defend the interests of investors in exchange
• To promote the development of exchange
• To regulate the business available exchanges and the other securities markets
• To register and regulate the operating of stockbrokers, sub-brokers, share transfer agents, bankers to associate degree issue, trustees of trust deeds, registrars to associate degree issue, merchandiser bankers, underwriters, portfolio managers, investment advisers and such alternative intermediaries UN agency could also be related to securities markets in any manner.
• To register and regulate the operating of the depositories, participants, custodians of securities, foreign institutional investors, credit rating agencies.
• To register and regulate the operating of venture capital funds and collective investment schemes as well as mutual funds.
• To promote and regulate self-regulatory organizations
• To command fallacious and unfair trade practices regarding securities markets
• To promote investors in education and coaching of intermediaries of securities markets.
• To command trading in securities.
• To regulate the substantial acquisition of shares and takeover of corporations and to conduct analysis for economic operating and development of the exchange. It drafts laws in its legislative capacity, it conducts investigation and social control action in its government to perform and it passes rulings and orders in its judicial capacity. Although this makes it terribly powerful, there's an associate degree charm method to form answerability. There’s a Securities proceedings judicature that could be a three-member judicature and is presently headed by Justice Tarun Agarwala, a former jurist of the Meghalaya court. A second charm lies on to the Supreme Court. SEBI has taken an awfully proactive role in streamlining revelation needs to international standards. 

Why was SEBI formed? 

With the expansion within the dealings of stock markets, the heap of malpractices additionally started available markets like worth rigging, the unofficial premium on new issues, and delay in delivery of shares, violation of rules, and laws of the securities market and listing needs came about. Due to these malpractices, the shoppers started losing confidence and religion within the securities market. Thus, the government of India determined to line up the center or restrictive body referred to as the Securities Exchange Board of India (SEBI).

Is the SEBI government body? 

SEBI could be a statutory restrictive body that was established on the twelfth of April, 1992. It monitors and regulates the New Delhi and exchange whereas making certain to safeguard the interests of the investors formulating laws and pointers to be adhered to.

What are the objectives of SEBI? 

The SEBI acts as a scrutinizer for all capital market contributors and its main function is to provide such territory for the financial experts that eventually results in a smooth and streamlined working platform of the securities market.

In order to make this happen, three main participants of the financial market are essential:

1. Issuers of securities: The Issuers of securities are units inside the corporate field that upraise funds from various provenances. The SEBI makes sure that they get a healthy atmosphere for their needs. 
2. Investors: Investors are the ones who keep the market functioning and is also oversee of maintaining an environment that is free from malpractices.
3. Financial Intermediaries: And the Financial Intermediaries are the people who act as mediators between the issuers and investors and also ensure smooth and safe financial transactions. 

Functions of SEBI can be categorized into three functions:

1. Protective Functions: The Protective functions stop inside trading so that there won’t be buying and selling inside the company. The SEBI has trusted lists of companies who can purchase their own shares from secondary markets. The directors, employees, and other head in charges will have the access to highly confidential information that affects the prices and securities, so in order to prevent insider trading the Protective functions plays a key role, also it promotes fair trade practices and prohibits fraudulent and unfair trade practices. SEBI also educates investors by conducting offline and online seminars so that investors get an idea of the financial market and money management. 
2. Developmental Functions: Developmental functions the initiations took to upgrade the security market by the SEBI to upgrade the market security with the help of technological innovations. Introducing internet trading through genuine stockbrokers can help in providing large customer service and also widespread knowledge and acclaim can be gained through this. By introducing the DE mat format our certificates get converted from physical form to electronic form so as to increase their accessibility, also by training the mediators of the securities market the exchange and functions will be smooth and helpful.
3. Regulatory Functions: When we come to Regulatory functions, this is the 3rd and last function, the main function is to establish regulations for financial mediators and corporates to make sure that the market runs successfully and efficiently. The SEBI has framed some guidelines and codes of conduct that are enforced to financial mediators and corporates. These mediators have been placed under the private placement and have been made more restrictive. 

What are the powers of SEBI? 

SEBI has the power to regulate and sanction by-laws of stock exchanges, the book of accounts of recognized stock exchanges and calls for periodical returns are also viewed by the SEBI. Coming to higher functions the books of financial Intermediaries are also handled. When taking the outside functions SEBI forces certain companies to get listed on one or more stock exchanges and to handle registration of the brokers and mediators. 

What are the differences between SEBI and RBI? 

1. The Securities and Exchange Board of India (SEBI), is a regulatory body while the Reserve Bank of India (RBI) is the Central Bank of India. 
2. The main functions of RBI are, the custody of foreign reserve, controller of credit and to manage printing and supply of currency notes in the whole country. Both of them play a key role in the Indian economy. While The main function of SEBI is to protect the investors in securities and to promote the development of and to regulate the securities market 
3. RBI is the body responsible for maintaining banknotes all around the country, to keep currency reserves to maintain stability and to keep the credit and currency system working efficiently. SEBI, on the other hand, is an autonomous body to oversee the operations of investment markets in the country. The board then performs the function of a mediator to keep markets more stable and efficient markets.
4. The main motive of the government in setting up the SEBI was to protect the interests of investors in securities and to help in the growth of the securities market and so that it attracts foreign investors. In brief, the RBI is the central bank of India that works as a banker to banks and the government while SEBI is the securities and Exchange Board of India that looks after the health of investment markets. 

These are the differences in the roles and responsibilities of these two organizations. 

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Full Form of IATA | What is the salary of IATA?

IATA

Introduction

This article tries to unveil more about the International Air Transport Association (IATA) and focuses more on the certification program and the relevance of the same. It answers the questions: 

1. What is IATA
2. What is the work of IATA
3. How is IATA important
4. What is the basic salary after completing an IATA certification program
5. How do I become IATA certified

What is IATA?

      IATA which stands for International Air Transport Association was founded in 1945 in Havana, Cuba. It is an international organization connecting and governing 290 airlines found in 120 countries. However, when it started, 19th April 1945 it connected 57 airlines in 31 countries. So in these 75 years, it has made remarkable progress in terms of coverage. IATA has its headquarters in Montreal, Quebec province in Canada. The Director-General cum Chief Executive Officer of the International Air Transport Association is Alexandre de Juniac.

      International Air Transport Association succeeds the International Air Traffic Association formed in 1919 at The Hague in the Netherlands. 

      Apart from managing the airlines, it runs various courses in the tourism industry and international air travel. These are courses recognized globally and which can be added to the curriculum vitae of students. Member airlines of IATA account for 82% of the total seat miles air traffic. 

      Most of the time, it is impossible to mention the International Air Transport Association without mentioning the International Civil Aviation Organization, (ICAO) sometimes they are confused. The truth is that IATA provides input for ICAO which is newer in terms of formation. 

      Like many other organizations, IATA has been affected by the new novel Coronavirus. According to their report at their portal, it has lost 314 Billion US Dollars in 2020 having have canceled 4.5 million flights until 30th June 2020.

• IATA stands for International Air Transport Association

What is the work of IATA?

      It is very essential to understand the work done by IATA. IATA is an organization that focuses on safety, security, communication, learning, and improvement in the air transport industry.

     IATA works to provide airline safety and security. Efforts done by the organization has reduced the number of air accidents. It works against hijack cases like the case of 911 linking plane hijack by Osama Bin Laden. By doing this, it promotes a safe secure and regular air travel.

   IATA ensures that there is communication. It cooperates with other organizations in the air Transport field. As well, it offers an opportunity for international organizations dealing with air travel to collaborate.

     It is important to note that, IATA gives training in tourism and travel. IATA qualified professionals can be employed in travel airlines which are part of IATA. By doing this, it has provided employment, income, and improvement of lives. So it is a very important fact that IATA is part and parcel of the development across the globe.

Why is IATA important?

I will have to clarify the importance of IATA both to industry and to individuals. In the industry, the following are the important benefits of IATA:

1. Fostering safety: IATA governs the safety of airline travelers in the 120 member states. It has put on the ground measures that will bring safety to the planes in order to avoid plane crashes. The industry gets a lot of benefits from the RADAR and aerial monitoring of IATA which produces a great effect as no traveler wants to find himself or herself entangled in a plane crash.
2. Fostering security: We have had cases of plane hijacks and missile attacks on planes. One importance of IATA is to foster security by preventing such occurrences. Measures put on the ground are important to ensure that there is security for the travelers and the crew.
3. Fostering communication: IATA has a special role in fostering communication and cooperation in the field of Air travel. Through connecting air transport agencies, IATA works to ensure that there is mutual understanding for the development of the organizations and the industry at large. One important case is that of ICAO (International Civil Aviation Organization)
4. Fostering of air commerce: IATA plays an important function here. IATA studies problems connected with the industry and works to solve them.

IATA has a special role for each and every individual. This is done through training, marketing, and employment. As I mentioned earlier, it is possible to gain education from various educational centers and become certified after which you can be employed at the front line or entry-level operations in travel agencies and airlines under IATA, ICAO, or the Chicago Convention.

In this article, I will clarify the process of IATA certification very well and talk more about the benefits thereafter.

IATA Training Requirements

In order to qualify for an IATA certification program, you need to meet some standard requirements across the globe. You need a bachelor's degree in any course. As well, you need good skills in English reading, writing, speaking, and listening. It is important to note that SAT and ACT scores matter even if it doesn't apply to all institutions. You need to understand your world especially in terms of the geographical makeup. Knowledge of the basic geography of the different continents and oceans is very important in qualification for the IATA certification program.

However, in order to become an IATA consultant, you need to have a diploma in the various diploma courses in IATA. To become eligible for that course you need 2 years of experience in either international travel or tourism industry.

These certification programs cover:

• World Geography
• IATA city codes
• Facilitation management
• Flight Bookings
• PNR creations
• CRS
• Airline ticketing

Top courses offered by IATA:

• Ground operations diploma
• Diploma in aviation security screening
• Foundation course in travel and tourism
• Diploma in travel and tourism
• Advanced cargo rating and marketing course 

Top institutions in India that offer IATA training:

• Christ University
• Akbar Academy
• Aircraft Aviation Training and Management Institute

In India, the course fee ranges from INR 10000 to INR 120 000

What is the basic salary after doing an IATA course?

According to Richard Prabhakar, an aviation expert, the IATA course depends on your area of specialization, 6 to 18 thousand US Dollars for the Airport Management area. 12 to 25 thousand US Dollars for airline management and 14 to 25 thousand dollars for passport office.

How do I become IATA certified?

This is a process that needs more strictness. I compiled it for any individual or organization that wants to be IATA certified.

1. Create a profile. You will create a profile on the customer profile component of the IATA portal at www.iota.org. Data needed for creating an account includes personal information and your email address. You will enter and confirm your password for security and agree with terms and conditions before logging in.
2. Download an application packet. You can find it in the IATA portal.
3. Fill in the form. It will have basic questions. After answering it you will submit it via email or at the portal. If you do by email, use the email address: info@iatan.org 

You will need to pay a fee in US Dollars around $165 to $300

You will receive a notification on your certification. Remember to safeguard your IATA code. It is as important as a national identity card.

I hope this article has helped you get answers to many of your questions.

😆  😊  😋  😌  😃
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Human Resource | Definition, Nature, Scope, Objectives, and Function of HR?

HR

Contents:

1. The History of Human Resources
2. What is HR?
3. What is HR in simple words?
4. What is the Full-Form of HR?
5. What does the Human Resources department do?
6. What are the roles and functions of  Human Resources?
7. What is the Scope of Human Resources?
8. What is the Nature of Human Resources?
9. What are the Pros and Cons of Human Resources?

The History of Human Resources

The emergence of Human Resources as a term can be traced back as far as the late 19th century. However, it was not built upon and developed as a science until the following century. The industrial revolution put much emphasis on the manager/foreman but not so much on the labor force.
That fact sparked discussion later on the worth of the human capital in society and the world of business.
After the industrial revolution, companies and business owners slowly started to realize the importance and worth of human capital and its positive effect on profits. Consequently, the world of business started to see a trend in the inclusion of HR departments until it reached a point where the word business and HR became inseparable in today’s world.

What is HR?

Human Resource (HR) refers to the personnel or staff or workforce of the organization responsible for carrying out the tasks assigned to achieve the goals and objectives of the organization, which can only be achieved through the hiring and selection of the right resources, proper orientation, and motivation, training, skill development, proper employee evaluation (performance evaluation), appropriate compensation.

And all of the benefits Managing and ensuring proper labor relations, safety and welfare, and health concerns of employees is a human resource management process.

Key Points:

• The Department of Human Resources is accused of finding, testing, hiring, and training job applicants and conducting employee benefit programs.

• HR responsibilities include compensation and benefits, hiring, firing, and keeping up to date with any laws affecting the company and its employees.

• Many companies shy away from traditional internal HR administrative functions and outsourced functions such as payroll and benefits to external vendors.

• The HR department helps maintain the core values ​​and culture of the company.

What is HR in simple words?

Based on the definition of HR, the HR department looks after the company's most valuable assets; Its employees. HR professionals are also responsible for creating a healthy work environment where employees have what they need to complete their day-to-day tasks and attract and retain qualified people.

What is the Full-Form of HR?

HR stands for Human Resources

What does the Human Resources department do?

HR professionals perform several tasks, including hiring, managing employee relationships, and formulating company policies. In small companies, HR generalists perform all related tasks, whereas, in large companies, HR professionals may be experts in certain fields, e.g. hiring and Sourcing, benefits and compensation, HR operations.

What are the roles and functions of  Human Resources?

Human Resource Management works extensively in planning, directing, controlling, and managing the entire human resource management within an organization. Human resource departments are an integral part of any organization and are responsible for the rigor around each HR function. Human resources functions can be broadly and minimally categorized under different resource functions: planning, executing and monitoring.

We will look at how the functions of the HR department bring a systematic approach to different aspects of HR.

• Planning: Evaluates the organization's environment, goals and objectives, strategies, and future human resource needs, including its structure, culture, technology, and leadership in light of internal and weaknesses.
• Staff: To acquire people with the skills, competencies, knowledge, and experience to fill jobs in the work organization. Human resources planning, job analysis, recruitment, and selection are the main methods.
• Improvement: Analyzing learning needs to ensure that employees demonstrate the knowledge and skills they need to advance in their work or organization. Performance assessment can identify the key skills and ‘competencies’ of employees.
• Supervision: Design and administration of reward systems. HR practices include job evaluation, performance evaluation, salary, and benefits.
• Management: Maintains and oversees workplace safety, health, and welfare policies to maintain an efficient workforce and adhere to legal standards and regulations.
• Maintaining relationships: Contains employee participation schemes in non-union or union offices. In a union environment, this means negotiating contracts and managing collective agreements.
• Managing change: Helping others to visualize the future, communicating this vision, setting clear expectations for performance, and developing the ability to reorganize people and reorganize other resources.
• Evaluation: Designing processes and procedures for measuring, evaluating, and communicating HR practices, and being a value-added part of the entire HR system for the organization.

What is the Scope of Human Resources?

• Human Resources Planning: Human Resource Planning refers to a process of identifying the number of vacant jobs a company has, whether it has a large number of employees or a shortage of employees, or to address this excess or deficiency.
• Job Analysis Design: Another important area of ​​human resource management is job analysis. Job analysis gives a detailed description of every job in the company.
• Hiring and selection: Based on information gathered from job analysis, the company prepares advertisements and publishes them in newspapers. This is the appointment. Most of the applications are received once the announcements are published, the interviews are conducted and the right employee is selected, and therefore hiring and selection is another important area of ​​human resource management.

• Orientation and Motivation: Induction or orientation program runs after selecting employees. It is Another important area of ​​human resource management. Employees are told about the background of the company, explain the organizational culture and values, and introduce ethics and other employees.
• Training and Development: Every employee participates in a training program that helps them to excel at work. They also conduct training programs for current employees who are very experienced. This is called refresher training. Training and development is an area where a company spends large sums of money.
• Performance appraisal: After the employee has served for 1 year, a performance appraisal is conducted in which the Human Resources Department checks employee performance. Based on these evaluations, future promotions, incentives, and salary increases will be determined.
• Compensation Scheme and Remuneration: There are various rules relating to compensation and other benefits. It is the job of the Human Resources Department to look at compensation and compensation plans.
• Motivation, Welfare, Health & Safety: Motivation is important to maintain the number of employees in the organization. It is the job of the Human Resources Department to focus on different methods of motivation. Also, certain health and safety regulations must be followed for the benefit of employees. It is also regulated by the Department of Human Resources.
• Industrial Relations: Another important area of ​​human resource management is maintaining cooperative relationships with association members. This helps the company to prevent strike lockout and keep the organization running smoothly.

What is the Nature of Human Resources?

The main points are as follows:

• Integrated energy: HRM allows for all levels of management, from shop floor management to top management.
• Action-based: HRM is not just associated with record-keeping or related rules, regulations, or policies. It is more focused on completing tasks. It relies heavily on rational approaches.
• People-Based: As the term HRM implies, it is meant for people at the individual, group, and institutional level.
• Future-oriented: HRM is about the future. What happens to the organization and its people when there is no proper HRM? It should answer such questions. How to modify HRM to survive in a competitive world?
• Development-based: Since the existence of a company depends on human resource development, HRM focuses more on developing people.
• Integrating the System: Although HRM is a supportive task, its role is broad and comprehensive as the entire organization is managed by the public.
• Interdisciplinary: HRM draws heavily from disciplines such as Human Psychology, Sociology, Anthropology, Economics, Law, and Politics.
• Continuous work: HRM is an important task as long as the organization exists.

What are the Pros and Cons of Human Resources?

Pros of HR

1. Communicate with people: This is the biggest and best job for a person who loves to work and deal with people. In Human Resources, you have the opportunity to manage people who work in the organization. This function may be in the context of social work or it may be of a more clinical nature. Depending on your degree and experience, working in social welfare or solving psychological problems can be helpful.
2. Diversity in the workforce: No other job in an organization will allow you to interact with so many different people, and you will find a place in the human resources department. Since your job is primarily concerned with social welfare and human emotions, it gives you ample opportunity to explore differences in the workforce to learn about different cultures and religions in one place. This is an excellent offering for those who are in some anthropology.
3. Helping people find their purpose: As part of a job in human resources, you interact with someone who is frustrated with their repetitive work and distracted from their career path. So as part of this team, you have the opportunity to guide the lost organizations and give them a sense of duty and responsibility. Furthermore, you can help these people achieve and set lofty goals that will help them develop their personality and work skills.
4. Helping people stay productive: For the proper functioning of the company, employees must work with their productivity. But not every day is the same and not every employee needs the same productivity level every workday. Therefore, human resources need to motivate them to achieve greatness and better the productivity of workers.
5. Direct impact on company production: The best thing about being a human resources worker is that you may not have the technology on which the company is based, but you can still manage the most important resource of the company - human. Getting to know the talented staff and ensuring their well-being within the organization helps to further the company's motto and vision. You not only make a company good but also achieve a higher level.
6. Impact of various policies of the company: You are not only in the account of managing human beings but also in the task of ensuring the smooth functioning of the company. It is therefore clear that you need to influence the company in many decision-making processes. You need to help your company in the right way so that the company can make decisions in the interest of profit and profitability.
7. Ensuring the best performance of the company: As an HR employee, you can see a lot of issues that have a direct impact on the company’s product. Therefore, you must manage a variety of variables that enable a company to function and perform at its best, including ensuring employee productivity, ensuring that the company uses the best approach to motivate and attract people. Maintaining a pool of talented people and doing their job with complete devotion.
8. Job availability: The above points clearly outline the importance of your job in the human resources department of the company and thus create a large number of job offers. Every organization, big or small, technical or non-technical, needs a human resources department to handle employees and other activities. Therefore, the demand for the job is huge and it is an attractive profession to pursue those who seek flexibility and stability in their career in terms of position and company choice.

Cons of HR

1. The workload is too large: Job demand is huge. Working with equipment or machinery is completely different from working with people. There are no simple equations or instructions that can help you solve problems related to humans. That is why HR managers and workers need to learn their own way to manage and adjust to the complexity of this career.
2. Dealing with different people's issues: For this job, you have to listen to the problems of different people. Everyone has their own unique set of problems, such as administrative problems, depression, or stress, from not getting timely pay. This makes it very difficult for an HR worker to adjust to a rapidly changing scenario. Therefore, it can bring you into a state of depression and low productivity.
3. Intermediary: Maintaining factory matters is a bit risky because you need to meet the needs of a lesser employee, but bosses and management need to take care of any problems. Therefore, it can make it a very difficult profession to pursue, because you may insist on getting out in the middle, meeting the needs of both parties, as well as dealing with consumer welfare. Act as a medium.
4. Stressful job: This sometimes demanding job can be very stressful for many people in the human resources department to meet the post requirements every day. In some places where employees are subject to turnover or constant conflict, the work becomes more stressful and at the same time requires excellent input, as you will be responsible for finding solutions to problems.
5. Learning about the organization and its various components: Even if you are dealing with people, you need to be aware of the company and its departments to ensure that you can comfort people. This ensures that you can understand the real problem and offer solutions accordingly. But sometimes you become aware of the different disciplines and as a result, it can be a difficult task to learn about other issues.
6. Boring cubicle works for new candidates: For an entry-level job in the human resources department, most work involves managing the paperwork, which includes sorting the resumes of most candidates, ensuring that most managers have timely schedules, regular paperwork, and various daily tasks. Added. In an entry-level job, a person rarely gets the opportunity to work with people or has a direct impact on the company's product, which frustrates the candidate.
7. Politics: Politics is everywhere and the human resources sector is no exception. The path to staying in a high-demand, efficient human resources position is not easy, as it is covered with so much workplace politics and dubious rumors. This makes it difficult for new employees to enter top positions only through perfect jobs and performance. There is no doubt that the quality of one's working capital is important, but these things make it difficult for people to succeed in future life.
8. Experience Required: While this field is very profitable, in the real market, most companies only seek professionals who have some experience in this field. Therefore, it makes a person very competitive to get a good career in the HR department at large companies.

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What is DRDO | Full-Form, Headquarter, Achievements, Work of DRDO?

DRDO

Contents:

1. What is DRDO? What is the Work of DRDO?
2. What is the full form of DRDO?
3. How many Scientists are working in DRDO?
4. Where is the Headquarter of DRDO?
5. When DRDO was established?
6. What are the Achievements of DRDO?
7. Which type of Training does DRDO adopt?
8. What is the Salary of DRDO?
9. Which is the Highest Post of DRDO?

What is DRDO? What is the Work of DRDO?

DRDO stands for Defence Research and Development Organisation which comes under the R&D wing of Ministry of Defence, Government of India, DRDO has a strong vision of empowering India with forefront defense technologies and is on a mission to achieve self-reliance in critical defense technologies and systems.

Moreover, when we talk about the functions of DRDO, we can say that DRDO has an exceptional contribution to the development of various sectors of the Indian economy. Additionally, DRDO plays a crucial role in the development of several defense technologies.
Furthermore, DRDO covers various disciplines in the field of science and technology such as electronics, armaments, aeronautics, combat vehicles, engineering systems, missiles, advanced computing and simulation, instrumentation, special materials, naval systems, information systems, life sciences, training, and agriculture.

What is the full form of DRDO?

DRDO stands for Defence Research Development Organisation

How many Scientists are working in DRDO?

At present, a team of more than 5,000 scientists is working in DRDO along with 25,000 other alternative scientific, technical, and supporting employees. Moreover, all the scientists are highly qualified and they belong to the Defence Research and Development Service (DRDS).

Where is the Headquarter of DRDO?

DRDO is one of the best research organizations in India and scientists from all over the country work here. Since, DRDO is a research organization under the control of the Indian government, hence it is headquartered in the National Capital Region (NCR) which is New Delhi.

When DRDO was established?

DRDO was established in 1958 and it has emerged as the leading research organization in India. The formation of DRDO was a result of the merger between the Technical Development Establishment (TDEs) of the Indian Army and the Directorate of Technical Development & Production (DTDP) along with the Defence Science Organisation (DSO) and it has emerged as the leading research organization in India.

What are the Achievements of DRDO?

The Defence Research Development Organization (DRDO) focuses mainly on the development of the advanced technologies that are usually used for military purposes. Apart from that DRDO has also taken several initiatives for various civilian projects. Moreover, DRDO has achieved success in most of these initiatives for the Defence and Development of the nation. Some of the major achievements of DRDO are:

• Achievements in the Air Force:

1. Tejas: Tejas is an advanced 4 generation Light Combat Aircraft. According to the reports, the Indian Air Force will be provided with a modern, fly by wire, multi-role fighter by the LCA which will also contribute to the development of the aviation industry in India. Moreover, the first-ever model of this aircraft has been completed and is set for the induction in IAF.
2. Unnamed Aerial Vehicles (Drones): DRDO has developed two Unnamed Aerial Vehicles; NISHANT and LAKSHAYA. Both the UAVs are top of the class and both are to be inducted soon into all forms of Indian forces.

• Achievements in Missile Systems: Prithvi Ballistic Missiles: Prithvi Ballistic Missiles are liquid-fuelled missiles that are extremely accurate and have a range of up to 350km. Moreover, this missile is less expensive as compared to other missiles and it is very accurate along with an adequate payload, which makes it one of the greatest achievements of DRDO.

1. Akash (SAM): Akash (SAM) is a mobile Surface to Air missile with a medium-range that can easily target aircraft, Cruise Missiles, Ballistic Missiles and air to surface missiles within a range of 30 km, at altitudes up to 18 km.
2. Brahmos: Brahmos is a short-range ramjet supersonic cruise missile that can be launched from anywhere. This missile can be launched from submarines, ships, aircraft, or even from the land which makes it one of the most advanced and the greatest achievement of DRDO. Brahmos was jointly developed by India along with Russia and it is the world's fastest anti-ship cruise missile which is currently in operation. Moreover, it can travel at a speed of Mach 2.8 to 3.0.
3. Agni Ballistic Missiles: Agni Ballistic Missiles are a range of MRBMs, IRBMs, ICBMs that are meant for long-range operations. Agni Ballistic missiles are often considered the most sophisticated and accurate missiles within this range class in the world as a result of their minimum Circular Error Probability (CEP) of 40 meters. Currently, there are five versions of Agni Ballistic Missiles that are classified based on their range:

• Agni 1: It has a range of 700-1250 Km
• Agni 2: It has a range up to 2000Km
• Agni 3: It has a range of 3500-5000 Km
• Agni 4: It has a range up to 4000Km
• Agni 5: It has a range of 5000-6000 Kms along with a CEP of just 10 meters.

• Achievements in the Army:

1. INSAS: INSAS is a family of infantry arms that includes an assault rifle along with a light machine gun and it stands for Indian Small Arms System.
2. Arjun Battle-Tank: Arjun Battle-Tank is one of the best tanks in the world. This tank also played a vital role in the Kargil War of 1999.
3. RADARS: DRDO has provided the Indian Army with a huge variety of RADAR systems which are very efficient and are being used by the Indian forces over a long period. Some of the best RADARs developed by DRDO are INDRA, RAJENDRA, BSFR-SR, SUPERVISION 2000, WLR, and 3D TCR.

• Achievements in Navy:

1. SONAR: DRDO along with BEL have together developed a wide range for Indian Combat ships and Aircraft carriers that has been proven quite beneficial for the Indian Navy Force.
2. Arihant Class Submarines: The Arihant class is a class of nuclear-powered ballistic missile submarines being built by DRDO and Bhabha Atomic Research Centre with Russian scientists assisting in design. This first in the class submarine was first launched in 2009 and its first-ever sea trial began in December 2014.

Which type of Training does DRDO adopt?

Since DRDO is a corporate R&D and its functions are very different from a normal production organization. Hence, a knowledge of the happenings in all the scientific disciplines is very necessary, so there is a continuous requirement to upgrade the skills of all the employees from time to time through specialized and tailor-made training and development programs in DRDO. Three-tier intensive training policy is followed to satisfy those requirements. The three-tier training includes:

1. Induction Training: Induction Training is conducted for fresh recruits to familiarize them with the aims and objectives of DRDO and its different policies and procedures as well as to make them aware of different on-going projects/programs and past achievements of DRDO.
2. On the job training: On the job training is given at lab level depending on the place of posting and the job requirements.
3. Development Training: Development Training is tailored to the specific programs on hand, mainly conducted as a ‘Continuing Education Program’ (CEP) for updating the knowledge and skills of DRDO employees to realize their full potential in the laboratory and also to meet the future needs of the organization. Every year near about 150 CEPs is conducted in DRDO besides various training courses arranged in some professional institutes.

What is the Salary of DRDO?

The scientists working at DRDO are classified into several classes according to their experience and qualifications. The salaries for the scientists of each and every class working at DRDO are:

Class	Salary(Monthly)
Scientist ’B’	INR 56,600/-
Scientist ‘C’	INR 67,700/-
Scientist ‘D’	INR 78,800
Scientist ‘E’	INR 1,25,000/-
Scientist ‘F‘	INR 1,32,200/-
Distinguished Scientist	INR 2,05,400/-
Secretary	INR 2,25,000

Which is the Highest Post of DRDO?

The highest position of DRDO is the Distinguished Scientist (DS). The scientists acquiring this position may be re-designated as Secretary DRDO, DG R&D, and Scientific Adviser to Raksha Mantri (SA to RM).

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