Hello and welcome to exampundit . Here are the important Current Affairs from 28th to 30th September, 2016. These are important for the upcoming IBPS PO VI Mains, RBI Assistant, NIACL AO and Bank of Maharashtra PO Exams.
Current Affairs at a Glance – 28-30 September, 2016
The union Ministry for Micro, Small and Medium Enterprises (MSMEs) has signed a Memorandum of Understanding (MoU) with the World Bank for investing Rs 2,200 crore to set up training centres for MSME sector across India by 2017, minister of state for MSME, Haribhai Parthibhai Chaudhury said at an ASSOCHAM event held in New Delhi.
Kotak Mahindra Bank Ltd on Friday said it has executed a share purchase agreement for the acquisition of 99.49 per cent of the equity shareholding of BSS Microfinance Pvt Ltd (Company) from its existing shareholders for an aggregate cash consideration of Rs. 139.2 crore.
In a fresh move to offer secured and improved cloud services to Indian developers and enterprise customers, Google has announced to open a new "Google Cloud Region" which is expected to go live in Mumbai in 2017.
The Union Government on 29 September 2016 notified the constitution of the Monetary Policy Committee (MPC). The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability.
Railways Minister Suresh Prabhakar Prabhu on 29 September 2016 launched various Railways Services and dedicated them to the nation. These Railways services are: Liberalised station to station special freight rates policy. Policy providing sub quota of 33% to women within reserved categories for the allotment in catering units. Policy giving preference to local domicile holders for commercial licenses at stations. New system of allocating vacant berths after final charting to wayside stations.
The Union Government on 30 September 2016 decided to raise the Employees Provident Fund (EPF) investment in Exchange Traded Fund (ETF) from existing 5 per cent to 10 per cent. The decision has been taken considering the good returns in ETF investment.
Infosys on 28 September 2016 launched Skava Commerce, a modern, mobile-first and modular e-commerce platform that delivers engaging omni-channel experiences.
The Union Government on 28 September 2016 approved assistance of 1269 crore rupees for drought affected Maharashtra. Out of the total amount, around 589 crore rupees will be supplementary assistance for damage to Kharif crops and over 679 crore rupees for Rabi crops.
The Cabinet Committee on Economic Affairs (CCEA) on 28 September 2016 approved ‘Project SAKSHAM’. It is a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC). It will help in integrating system of Central Board of Excise and Customs with the GST network before the roll out in April 2017. The total project cost involved is 2256 crore rupees which will be incurred over a period of seven years.
The Delhi International Airport Limited (DIAL) on 27 September 2016 announced that the Indira Gandhi International Airport (IGIA) has become the first airport in the Asia-Pacific region to achieve carbon neutral status.
West Bengal government has decided to install monorail from Budge Budge in South 24-Parganas to Ruby Connector in Kolkata. This was informed by Chief Minister Mamata Banerjee on 29 September 2016.
Indian Army conducted surgical strikes on terror launch pads across the Line of Control. Director General of Military Operations Lieutenant General Ranbir Singh said the motive of the operation was to hit out at the terrorists who were planning to infiltrate into the Indian Territory.
Indian Space Research Organization (ISRO) and Telangana government on 28 September 2016 signed a Memorandum of Understanding (MoU) to provide digital classes across the state through its state channel Mana TV.
World Economic Forum (WEF) on 27 September 2015 released the Global Competitiveness Report (GCR) 2016-2017. The report assesses the competitiveness landscape of 138 economies. The report highlights that for second consecutive year, India has jumped 16 places in the GCI report to occupy the 39th spot.
Online fashion portal Myntra on 29 September 2016 announced the appointment of Dipanjan Basu as the Chief Financial Officer (CFO).
Retired IAS officer Shakti Sinha was on 29 September 2016 appointed as the Director of Nehru Memorial Museum and Library (NMML).
The Union Government on 29 September 2016 appointed R Subramania Kumar as Executive Director (ED) of state-owned Indian Overseas Bank.
The International Translation Day was on 30 September 2016 observed across the world with the theme Translation and Interpreting: Connecting Worlds.
World Maritime Day was observed across the world on 29 September 2016. Theme for the day is shipping: indispensable to the world.
World Rabies Day was observed on 28 September 2016.
The Indian men's hockey team lifted the 4th U-18 Asia Cup after defeating hosts Bangladesh 5-4 in a pulsating summit clash here on Friday.
Noted Telugu writer Prof. Kalakaluri Enoch was on 29 September 2016 conferred with Moortidevi Award of Bharatiya Jnanpith for the year 2015 at function in New Delhi. The award was given for his novel Ananta Jeevanam.
Finance/Industry/Banking –
India inks Rs 2,200 crore MoU with World Bank to set up MSME training centres
The union Ministry for Micro, Small and Medium Enterprises (MSMEs) has signed a Memorandum of Understanding (MoU) with the World Bank for investing Rs 2,200 crore to set up training centres for MSME sector across India by 2017, minister of state for MSME, Haribhai Parthibhai Chaudhury said at an ASSOCHAM event held in New Delhi.
Highlighting that the government will soon bring a project for promoting honeybee keeping, he said that Ministry had taken various steps like - making databank, introducing credit guarantee scheme, barcode, enabling online complaint and other such initiatives during the course of past two years.
"We are working to make MSMEs GSTN-ready and we need the support of various associations to see how the sector can take advantage of the new tax reform which is going to be historic, start up or no start up you have to be tax compliant," said additional secretary and development commissioner at MSME ministry SN Tripathi.
The ministry of MSME has also prepared a framework to restructure loans quickly if the banks are convinced of the viability of the MSME unit.
Kotak Bank to acquire 99.5% stake in BSS Microfinance
Kotak Mahindra Bank Ltd on Friday said it has executed a share purchase agreement for the acquisition of 99.49 per cent of the equity shareholding of BSS Microfinance Pvt Ltd (Company) from its existing shareholders for an aggregate cash consideration of Rs. 139.2 crore.
BSS Microfinance is a non-banking finance company, classified as a NBFC-MFI. The transaction is subject to obtaining all necessary regulatory and other approvals, including from the Reserve Bank of India.
As on June-end 2016, BSS had microfinance loans of Rs. 483 crore.
Google to open 'India Cloud Region' to help customers, developers
In a fresh move to offer secured and improved cloud services to Indian developers and enterprise customers, Google has announced to open a new "Google Cloud Region" which is expected to go live in Mumbai in 2017.
Announcing the "Google Cloud Regions" at an event in San Francisco titled "Horizon" on Thursday, the company unveiled the locations of eight new Cloud Regions - Mumbai, Singapore, Sydney, Northern Virginia, Sao Paulo, London, Finland and Frankfurt.
The local region will help make Google Cloud Platform services even faster for Indian customers, enhancing differentiators that are already motivating companies to choose Google as their partner, the company said in a statement.
With more than one billion end users, Google Cloud has gained significant traction in India and across the world.
Union Government notifies constitution of Monetary Policy Committee
The Union Government on 29 September 2016 notified the constitution of the Monetary Policy Committee (MPC).
The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability.
As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI. The other three Members of MPC will be appointed by the Central Government.
In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Union Government has accordingly constituted the Monetary Policy Committee of RBI, with the following composition:
The Governor of the Bank: Chairperson, ex officio
Deputy Governor of the Bank, in charge of Monetary Policy: Member, ex officio
One officer of the Bank to be nominated by the Central Board: Member, ex officio
Chetan Ghate, Professor, Indian Statistical Institute (ISI): Member
Pami Dua, Director, Delhi School of Economics (DSE): Member
Ravindra H. Dholakia, Professor, Indian Institute of Management (IIM) Ahmedabad: Member
The Members of the Monetary Policy Committee appointed by the Union Government will hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.
Railways Ministry launches various Railways Services
Railways Minister Suresh Prabhakar Prabhu on 29 September 2016 launched various Railways Services and dedicated them to the nation. These Railways services are:
Liberalised station to station special freight rates policy.
Policy providing sub quota of 33% to women within reserved categories for the allotment in catering units.
Policy giving preference to local domicile holders for commercial licenses at stations.
New system of allocating vacant berths after final charting to wayside stations.
Launch of the new tag Train at a Glance 2016 and new Time Table effective from 1 October 2016.
Liberalised station to station special freight rates policy
Existing as well as new traffic shall be eligible.
Concession shall be granted up to a maximum of 30 percent on the incremental traffic over and above the benchmark NTKM.
Concession shall be in the form of percentage discount over the Normal Tariff Rate (NTR). It should be ensured that the concessional freight should not be less than the NTR of Class 100.
Concession shall be admissible to Block rake, two/multi point rake, Mini Rake etc.
Concession may be granted for retention of traffic also up to maximum of 15 percent.
STS scheme will be applicable for all terminals namely goods sheds, sidings, ports, CRTs, PFTOs etc.
Commodities excluded from STS are - All commodities with classification below Class-100, All commodities under Main Commodity Head Coal & Coke, Iron ore, Military traffic, POL and RMC.
Policy providing sub quota of 33% to women for the allotment in catering units
A Sub Quota of 33 percent for women in allotment of the reserved catering units was introduced in order to extend economic empowerment for women.
This will ensure allotment of minimum 8 percent stalls to women at A1, A, B & C category station and minimum 17 percent allotment at D, E and F category station.
There are approximately 8000 Minor Catering Units over Indian Railways.
Under this provision, Railways shall ensure that women participation does not fall below a specific level.
Policy giving preference to local domicile holders for commercial licenses at stations
In compliance of Budget Announcement 2016-17, a process of giving weightage to district Domicile Holders for commercial licenses at stations is being proliferated at all stations over Indian Railways.
It would help to build local ownership and rural empowerment along with socio-economic development.
The weightage to district domicile holders is being proliferated for allotment of Catering Units at all categories of stations.
It will ensure protection of livelihood of the small vendors.
The allotment of Minor Units over Indian Railways will ensure local ownership and will also promote regional / local cuisine, which is always a preferred choice.
Transfer of vacant berths for optimal utilisation of berths
This facility of transfer of berths remaining vacant after second charting at the train originating station to the next and subsequent stations will clear the way for the waitlisted passengers at such stations.
The PRS system will automatically allot vacant berths available at the originating stations after preparation of second chart to the subsequent stations where waitlisted passengers are available.
The passenger will get SMS on his registered mobile indicating the coach and berth number allotted.
This will help passengers boarding at road side stations to get confirmed berths.
The TTEs will be able to allot vacant berths on board after departure of the train only upto the next station where quota is available for the train.
At present about 3 lakh berths per year go unutilised while there may be demand at intermediate stations.
Union Government decides to raise EPFO Investment in ETF from 5 to 10 per cent
The Union Government on 30 September 2016 decided to raise the Employees Provident Fund (EPF) investment in Exchange Traded Fund (ETF) from existing 5 per cent to 10 per cent.
The decision has been taken considering the good returns in ETF investment.
An official release said, in the last one year, the Employees Provident Fund Organisation (EPFO) has invested 6577 crore rupees. The investment has yielded a good return of 13.24 per cent.
The past performance of the last six months from April, 2016 to August, 2016 also showed gradual appreciation in the returns from 0.37 per cent in March 2016 to 13.24 per cent in August 2016. Five per cent EPF has been invested in NIFTY 50 and SENSEX.
The pattern of investment prescribed by the Ministry of Finance has given guidelines for investment in equity from 5 per cent to 15 per cent.
Infosys launches e-commerce platform Skava Commerce
Infosys on 28 September 2016 launched Skava Commerce, a modern, mobile-first and modular e-commerce platform that delivers engaging omni-channel experiences.
Skava is a Silicon Valley based e-commerce startup which was acquired by Infosys.
Highlights of the Skava Commerce Platform
The platform can help brick-and-mortar retailers to quickly launch new offerings, improve conversion rates of traffic coming from digital channels without making large investments upfront.
It can integrate with existing technologies while providing a future-ready architecture that will enable next generation shopping experiences leveraging artificial intelligence (AI) and machine learning.
It also includes a responsive web store and native mobile shopping applications that can be managed by non-technical business users through SkavaSTUDIO- a web-based experience management tool.
Union Cabinet approves India-Singapore MoU in the field of Industrial Property Cooperation
The Union Cabinet on 28 September 2016 approved the Memorandum of Understanding (MoU) between India and Singapore in the field of Industrial Property Cooperation.
The MoU will be signed between India's Department of Industrial Policy and Promotion and the Intellectual Property Office of Singapore (IPOS) during the visit of Singapore’s Prime Minister to India from 4-7 October 2016.
Highlights of the MoU
It will enhance bilateral cooperation activities in the arena of Industrial Property Rights of Patents, Trademarks and Industrial Designs.
It is intended to give a boost to innovation, creativity and technological advancement in both regions.
It includes exchange of best practices, experiences and knowledge on Intellectual Property awareness among the public, businesses and educational institutions of both countries.
Union Government approves 1269 crore rupees for drought affected Maharashtra
The Union Government on 28 September 2016 approved assistance of 1269 crore rupees for drought affected Maharashtra. Out of the total amount, around 589 crore rupees will be supplementary assistance for damage to Kharif crops and over 679 crore rupees for Rabi crops.
The meeting for the Central Assistance to drought affected Maharashtra was chaired by the Home Minister Rajnath Singh in New Delhi. The Committee examined the proposal based on the report of the Central Team which visited the state in May 2016.
As per reports, Maharashtra had a demand of 3200 crore rupees. It sought 2000 crore rupees as supplementary relief aid for losses in the Kharif crops and 1200 crore rupees for rabi crops in 2015. The demand was raised under the National Disaster Relief Fund (NDRF).
CCEA approves implementation of Project SAKSHAM
The Cabinet Committee on Economic Affairs (CCEA) on 28 September 2016 approved ‘Project SAKSHAM’. It is a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC).
It will help in integrating system of Central Board of Excise and Customs with the GST network before the roll out in April 2017. The total project cost involved is 2256 crore rupees which will be incurred over a period of seven years.
The project SAKSHAM will help in
Implementation of Goods and Services Tax (GST)
Extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT)
Other taxpayer-friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs
The implementation strategy for the project will be to ensure readiness of CBEC's IT systems by 1 April 2017, when GST is to be introduced. The upgrade of the IT systems will be carried out while keeping the existing Tax-payer services running.
Union Cabinet approves closure of Hindustan Cables Limited
The Union Cabinet on 28 September 2016 gave its approval for closure of Hindustan Cables Limited (HCL), Kolkata.
The approval was given as per the provisions of the Companies Act, 1956/2013, Industrial Disputes Act, 1947 and other relevant Acts.
The employees of the company will be offered attractive VRS/ VSS Package at notional 2007 pay scales and other employees’ related liabilities including payment of salary and wages from April 2015 till they are separated from the Company on VRS/VSS will be settled as well.
The disposal of assets of company will be in terms of the guidelines of Department of Public Enterprises on time bound closure of sick/loss making Central Public Sector Enterprises (CPSEs) and disposal of movable and immovable assets.
Indira Gandhi International Airport becomes first in Asia-Pacific region to achieve carbon neutral status
The Delhi International Airport Limited (DIAL) on 27 September 2016 announced that the Indira Gandhi International Airport (IGIA) has become the first airport in the Asia-Pacific region to achieve carbon neutral status.
DIAL is a GMR Group-led consortium which manages and operates IGI airport.
The announcement on the carbon neutral status was made by Airports Council International (ACI) during the Airport Carbon Accreditation certificate presentation ceremony held in Montreal, Canada.
The Airport Carbon Accreditation has upgraded Delhi Airport to ‘Level 3+, Neutrality’, which is the highest level of achievement available to airports across the world.
India –
West Bengal government decides to install Monorail
West Bengal government has decided to install monorail from Budge Budge in South 24-Parganas to Ruby Connector in Kolkata. This was informed by Chief Minister Mamata Banerjee on 29 September 2016.
The 14-kilometre-long monorail route will connect Budge Budge to Ruby via Taratala, New Alipore and Prince Anwar Shah Road and will come up at a cost of 4216 crore rupees. This new service will also connect commuters to the proposed metro rail network between New Garia to Kolkata airport.
For execution of the monorail project, the state transport department will sign a Memorandum of Understanding (MoU) with Burn Standard Company Limited. Burn Standard Company Limited will be funding the project and the state government will provide land for the purpose.
Sponsored
Union Government launched Progress Panchayat to reach out to minority community
The Union Government on 29 September 2016 launched Progress Panchayat. This Panchayat is aimed at reach out the minority community and publicize the various welfare measures taken by the NDA government for their betterment.
The programme was kick started by Union Minister of State for Minority Affairs (independent charge) Mukhtar Abbas Naqvi from Mewat region of Haryana. The programme will be organized in 100 places across the country in the coming days where Union Ministers will interact with people about the several schemes.
During the programme, the government will also seek feedback and suggestions from the people for better implementation of the welfare schemes.
Indian Army conducts surgical strikes across Line of Control
Indian Army conducted surgical strikes on terror launch pads across the Line of Control. Director General of Military Operations Lieutenant General Ranbir Singh said the motive of the operation was to hit out at the terrorists who were planning to infiltrate into the Indian Territory.
Lt General Singh informed that significant casualty was caused to terrorists during the operation. He said that it is a matter of serious concern that there have been many infiltration bids by terrorists at LoC and it was reflected in the terror attacks in Poonch and Uri on 11 September and 18 September 2016.
As per DGMO nothing was done despite India's persistent request to Pakistan not to allow territory under its control to be used for terror activities. He said Pakistan gave a commitment to India in 2004 that it will not allow its soil to be used for anti India terror activities.
Besides, he also informed that almost 20 infiltration attempts have been successfully foiled by Indian Army in 2016. India has also offered consular access to apprehended terrorists from Pakistan and finger prints and DNA samples of the terrorists killed in Uri and Poonch attacks can also be made available to the neighbouring country.
ISRO signs MoU with Telangana to provide digital classes
Indian Space Research Organization (ISRO) and Telangana government on 28 September 2016 signed a Memorandum of Understanding (MoU) to provide digital classes across the state through its state channel Mana TV.
As per the MoU, the ISRO’s Development & Educational Communication Unit (DECU) will work with the state government to disseminate educational content using satellite technology.
IT Minister KT Rama Rao said that this arrangement would help the channel start coaching classes from 1 October 2016. The channel will telecast a four-hour programme daily.
Besides, about 6000 schools of the state will launch digital classes from 14 October 2016. The digital classes will provide a platform for lakhs of students and job aspirants to get quality education.
Union Government approves name change of Gurgaon to Gurugram
The Union Government gave its approval to change the name of Gurgaon to Gurugram.
Haryana Chief Minister Manohar Lal Khattar on 27 September 2016 announced that the city as well as the district of Gurgaon will now onwards be known as Gurugram.
Also known as the Millennium City, Gurgaon is recognized both nationally and globally as an industrial, information technology, software and corporate hub.
Lists & Reports –
Global Competitiveness Report 2016-2017 released by World Economic Forum; India moves to 39th spot
World Economic Forum (WEF) on 27 September 2015 released the Global Competitiveness Report (GCR) 2016-2017. The report assesses the competitiveness landscape of 138 economies.
The 2016-17 report comes out in the context of persistent slow growth and a near-term outlook that is fraught with renewed uncertainty fueled by continued geopolitical turmoil, financial market fragility, and sustained high debt levels in emerging markets.
Despite unorthodox monetary policy, global GDP growth has fallen from levels of 4.4 percent in 2010 to 2.5 percent in 2015. This fall in growth reflects not only the productivity slowdown documented in 2015-16 Report, which has continued during 2016, but also what now seems like a long-term downward trend in investment rates.
Switzerland, Singapore and the US remain as the world's most competitive economies.
The report highlights that for second consecutive year, India has jumped 16 places in the GCI report to occupy the 39th spot. In 2015-16 GCI report, India was placed at 55th position as compared to 71st rank in 2014-15 report.
In the report, India showed biggest improvement in rankings as its competitiveness improved on several fronts including efficiency in goods market, business sophistication and innovation.
Appointments –
Myntra appoints Dipanjan Basu as Chief Financial Officer
Online fashion portal Myntra on 29 September 2016 announced the appointment of Dipanjan Basu as the Chief Financial Officer (CFO).
Basu’s appointment will be effective from 17 October 2016.
Previously, Dipanjan Basu served as the Chief Finance & Operating Officer for Wipro’s Digital & Consulting Business where he was responsible in building and setting up new businesses, M&A and investments in startups.
Shakti Sinha appointed as Director of Nehru Memorial Museum and Library
Retired IAS officer Shakti Sinha was on 29 September 2016 appointed as the Director of Nehru Memorial Museum and Library (NMML). His appointment was approved by the Appointments Committee of the Cabinet (ACC).
Sinha, who served in the Prime Minister's Office during Atal Bihari Vajpayee’s tenure, was also Director in India Foundation, a think tank aligned to the RSS.
The post of Director of NMML was vacant since the resignation of its previous Director Mahesh Rangarajan in the year 2015.
R Subramania Kumar appointed Executive Director of Indian Overseas Bank
The Union Government on 29 September 2016 appointed R Subramania Kumar as Executive Director (ED) of state-owned Indian Overseas Bank.
Kumar is currently serving as the Executive Director of Indian Bank.
US appoints Jeffrey DeLaurentis as first Cuban Ambassador in 55 years
The United States on 27 September 2016 appointed its first Ambassador Jeffrey DeLaurentis to Cuba in 55. The two countries broke off relations in 1961 after the communist revolution.
He was appointed to the post by President Barack Obama, who said that it was a step towards a more normal and productive relationship. He said that there was no better qualified public servant.
But this appointment will need an approval from the Republican-led Senate, which has opposed to his dealings with the communist island.
The new ambassador DeLaurentis had been working at the new US embassy in Havana, which opened since 2014. He served in Havana during the transition period between the two nations which includes re-opening of embassies in Washington and Havana. This was followed by resuming travel and trade relations on a limited basis.
World Bank reappoints Jim Yong Kim for second term as President
Executive Directors of the World Bank on 27 September 2016 agreed unanimously to reappoint Jim Yong Kim to a second five-year term as President of the World Bank Group, beginning 1 July 2017.
The Board noted that in the first year of Kim’s leadership, which began in July 2012, shareholders endorsed two ambitious new goals for the institution.
They were: Elimination of extreme poverty by 2030, and Promotion of shared prosperity. These new initiatives boosted the income growth of the bottom 40 percent of the population in every developing country.
Days –
International Translation Day observed across the world
The International Translation Day was on 30 September 2016 observed across the world with the theme Translation and Interpreting: Connecting Worlds.
This is the annual event for the translation community and event is marked with a series of dedicated events, seminars and symposiums across the world.
In 1991, FIT launched the idea of an officially recognised International Translation Day to show solidarity of the worldwide translation community in an effort to promote the translation profession.
World Maritime Day observed with theme Shipping: Indispensable to the World
World Maritime Day was observed across the world on 29 September 2016. Theme for the day is shipping: indispensable to the world.
The theme was chosen to focus on the critical link between shipping and global society and to raise awareness of the relevance of the role of International Maritime Organization (IMO) as the global regulatory body for international shipping. The importance of shipping to support and sustain today's global society gives IMO's work a significance that reaches far beyond the industry itself.
Besides, to mark the 2016 World Maritime Day, a parallel event will be held in Istanbul, Turkey, from 4 to 6 November 2016.
World Rabies Day observed with theme Rabies: Educate. Vaccinate. Eliminate.
World Rabies Day was observed on 28 September 2016. The theme for World Rabies Day is Rabies: Educate. Vaccinate. Eliminate. The day is annually celebrated to raise awareness about rabies prevention and to highlight progress in defeating the disease.
The theme of the day emphasises on the two crucial actions that communities can do to prevent rabies. It also reflects the global target to eliminate all human deaths from dog-mediated rabies by 2030.
In addition, 28 September also marks the anniversary of Louis Pasteur's death, the French chemist and microbiologist, who developed the first rabies vaccine.
Sports –
India beat Bangladesh to lift U-18 hockey Asia Cup
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