Explanation:

Line of Control

• It was the 1971 war between India and Pakistan over the question of Bangladesh that turned the ceasefire line into the Line of Control (LoC), as it is known today. 
• There was no LoC before 1972 Shimla Agreement was signed between India and Pakistan. 
• The Line of Control, thus drawn, gave Pakistan control over Pakistan-occupied Kashmir and Gilgit-Baltistan, which Pakistan has since declared the Northern Areas and rules directly. 
• Rest of Jammu and Kashmir minus Aksai Chin is situated on the Indian side of Line of Control.
• The existing Line of Control runs from Manawar in Jammu to Indira Col on the tri-junction in Karakoram mountain range. 
• The Indian and Pakistani troops have to maintain a no-man's land of 500 yards on each side of the Line of Control.

Hence both statements are correct.