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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Maternity Benefit (Amendment) Act,2017 relating to crn++che facility {Section 4(1)} would come into force from 01 July 2017
May 08,2017

Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crn++che facility {Section 4(1)} which would come into force from 01 July 2017.

Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12 April 2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.

Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act,2017 i.e. as on 01 April 2017.

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Nirmala Sitharaman Launches India Standards Portal
May 08,2017

n++India needs to make it possible to provide quality goods at an affordable price.n++ This was stated by Ms. Nirmala Sitharaman, Minister of State (IC) for Commerce and Industry.

The Minister also launched the India Standards Portal - a one stop centre for all information on Standards, Technical Regulations, conformity assessment & accreditation practices, and the related bodies in India.

The Minister observed that while standards are important, they also need to be affordable. Prime Minister Shri Narendra Modi launched the Zero Effect, Zero Defect campaign earlier for this purpose.

The Minister stated that any national strategy for standards should be able to provide information regarding how varieties can be accommodated as this was also necessary for international negotiations. A lot of grey areas are used to stop imports from various countries using sanitary and phytosanitary standards (SPS) and technical barriers to trade (TBT) requirements. Almost 150 such notifications are provided to the country every month. It is important to get this information to people in a time bound manner.

She highlighted the existence of variety in agriculture based products and how one size fits all homogeneity cannot be brought to this sector. The Minister stated that there was a problem of information dissemination as it is difficult to get information to farmers on time. While appreciative of the launch of the India Standards portal, she suggested that a feature be added for people to access this information via their phones and an SMS service must be provided for the same. n++I am impatient to get this information to those who must conform to these standards,n++ she said.

She mentioned two streams of challenges which needed to be addressed over the course of the conclave. One relates to how India can become part of the standards setting system and increase conformity, the other relates to Indias role in the global debate. Standards are not just about export promotion but also making India ready to meet its internal needs.

Mr. R V Deshpande, Minister for Large and Medium Industries and Infrastructure Development, Karnataka, said that the state is providing incentives to the industrial units adopting standards. Its procurement policy included standards conformity and it has established infrastructure for conformity assessment with focus on Research and Development.

Ms. Rita Teaotia, Secretary, Department of Commerce stated that since the last edition of the Conclave, the new Bureau of India Standards (BIS) Act has been passed and the Consumer Products Act has been amended as per the recommendations of the previous Standards Conclaves. She noted that for the first time, standards in the services sector are being addressed. She suggested a National Strategy for Standards as well as Vision Document for the same.

Ms. Alka Panda, Director General, Bureau of Indian Standards (BIS), suggested the creation of a Technical Regulation Management Board which would provide an institutional framework to ensure policy coherence and coordination on standards and technical regulations.

Mr. Adil Zainulbhai, Chairman, Quality Council of India, stated that there was a need to work with SMEs to help improve their standards. He also spoke of the need to create a standards compliance system which was easy to comply with.

Mr. Rakesh Bharti Mittal, President Designate, CII highlighted standards for the services sector e.g. tourism & hospitality, healthcare, education etc. He stressed on the need for greater involvement of states in the development of standards as well as the need to help MSMEs and the agriculture sector comply with international standards.

Mr. Chandrajit Banerjee, Director General, CII outlined the outcomes of the various editions of the Standards Conclave. These include enactment of the BIS Act, recognition of the need for standards in services, development of a National Standards Strategy and the development of the National Standards Portal.

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Fitch: Global Demand for New Autos to Increase 1%-2% in 2017
May 08,2017

Global demand for new vehicles will increase 1%-2% in 2017, according to Fitch Ratings. Growth in China, Europe and Brazil will more than offset demand declines in the U.S., Japan and South Korea. In the US, we expect sales to decrease to 17.0 million in 2017 from 17.5 million in 2016.

In China, sales growth will likely fall to the mid-single-digit range in 2017. The government has partially rolled back the tax incentive on small-engine vehicles that it enacted in 2015, raising the vehicle purchase tax to 7.5% from 5%. The tax increase will be phased-in to cushion the impact on vehicle sales, but Chinese consumers pulled forward their purchase of qualifying vehicles in late 2016 in anticipation of the tax increase, leading to lower sales of these vehicles in 2017.

European sales remain about 10% off their 2007 peak. We expect growth of 2% to 3% in 2017 in Europe due to pent-up demand, continued favorable economic conditions in several countries and low interest rates supporting vehicle purchasing.

US trade policy is also a key focus of investors. Among the Detroit auto manufacturers, a broad-based increase in import taxes on vehicles from Mexico would likely have a more significant impact on General Motors Company (GM) and Fiat Chrysler Automobiles N.V. (FCA) than on Ford Motor Company. Auto suppliers are less likely to be directly affected by import taxes, but a decline in demand for vehicles manufactured in Mexico would negatively affect the suppliers that manufacture components for them.

The Trump administration is also looking at relaxing some of the emissions and fuel efficiency regulations that were enacted under the Obama administration. However, due to continued tightening of emissions regulations outside the US, global auto manufacturers will likely continue investing in lower emission technologies. Also, auto manufacturers will likely try to avoid getting caught off-guard if fuel prices unexpectedly rise.

The migration toward electrified powertrains and the quickening pace of research into autonomous vehicles are also driving radical changes in the global auto industry. Although the effect of these changes will not be a near-term threat to traditional auto manufacturers and suppliers, the potential long-term effects could be substantial. Auto manufacturers and suppliers are competing with numerous start-ups and technology companies to dictate the terms of the coming disruption in personal mobility. Traditional auto manufacturers risk losing relevance as the mobility landscape changes.

As the global auto industry evolves, Fitch is placing increased emphasis on auto issuers long-term positioning relative to developing trends. A rapid change in the competitive environment could alter our view regarding issuers market positions, which could affect their ratings, although the shifting landscape is unlikely to have a direct effect on issuers ratings in the near term.

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Fitch: Basel III Implementation in APAC to Follow Global Pace
May 08,2017

Implementation of the second wave of Basel III rules might continue to be delayed in the Asia-Pacific (APAC) by a lack of progress in other markets, as regulators in this region have remained reluctant to take a lead in implementing requirements ahead of their global peers, Fitch Ratings says.

However, the credit profiles of APAC banks are unlikely to be significantly affected. We expect most APAC regulators will continue to push ahead with consultations, and most plan to be ready to meet scheduled deadlines, even if implementation is likely to be contingent on international progress. Moreover, APAC banks are still likely to prepare for the new requirements by further building up capital and other loss-absorbing buffers, which will strengthen their financial profiles and underpin ratings.

Implementation of some components of Basel III in APAC banking systems has already been delayed from the timeline set by the Basel Committee as a result of developments elsewhere. A new standardised approach for measuring counterparty credit risk exposures and revised capital requirements for equity investments in funds and for central counterparties - initially scheduled to be introduced by January 2017 - were delayed by US pushback and lengthy legislative processes in the EU. Those rules are likely to have a greater impact on European and US banks than banks in APAC. Only Singapore in APAC stuck to the agreed timeline, and it has applied transitional arrangements. Korea and India have rules scheduled to come into effect in January 2018, while those in Hong Kong, Australia and Indonesia are at the draft stage. Taiwans rules are final, but their implementation has been delayed to align with other jurisdictions.

There is a risk of delays to other Basel III regulations set to be introduced in the next few years, but we expect requirements on leverage ratios and net stable funding ratios (NSFR) to come into effect in January 2018, as planned. Most APAC banks are unlikely to have difficulty meeting leverage ratio requirements, as they do not generally hold huge stocks of low-risk-weighted assets.

Looking further ahead, we expect APAC regulators will continue to embrace the Basel Committees risk-weighted asset initiatives, including measures to limit capital relief from banks use of internal models, once these are finalised. Banks in APAC are less reliant on models than those in Europe, with regulators already sceptical of models being used to reduce risk-weighted assets, as evidenced by some of them having applied risk-weight floors to certain exposures. In addition, we expect that supervisory work across APAC will continue to result in frequent use of macro-prudential regulation to address the build-up of specific risk pockets or risks at a system-wide level.

A major reporting change is also scheduled for 2018, with the adoption in 10 jurisdictions of IFRS 9 - the new international standard that, among other things, introduces expected credit-loss provisioning requirements. We expect loan loss provision charges to be more volatile under IFRS 9, giving a better reflection of how risk evolves, while total loan loss allowances will tend to be higher. However, banks in some markets should be able to limit the provisioning impact by releasing reserves to offset initial additional charges.

Bank resolution remains a relatively low priority in the region. Frameworks are becoming stronger in jurisdictions where resolution regimes exist or are being developed, but progress has been slow and frameworks remain untested. Fitch expects sovereign support to remain available in most APAC jurisdictions, as regulators will be reluctant to require the bail-in of troubled banks senior debt holders in systems where financial markets are still developing or where banks are reliant on wholesale funding. A large deposit base that limits funds available for bail-in also weakens appetite for adding this option to resolution frameworks in a few countries.

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Ind-Ra: Daily Fuel Price Revisions to Boost OMCs Marketing Margins
May 08,2017

The governments recent decision to move to a daily fuel price revision for petrol and diesel is likely to result in improvement in the marketing margin per litre and thus the profitability of Oil Marketing Companies (OMCs), says India Ratings and Research (Ind-Ra). This move is another positive structural changes initiated by the government in the downstream sector. The other structural changes include the petrol deregulation in 2010, the diesel de-regulation in 2014, direct benefit transfer for LPG, give-it-up scheme for LPG, lowering the allocation of PDS kerosene, hike in prices of kerosene and the decline in crude prices had resulted in a decline in the gross under-recoveries. The diesel and petrol de-regulation had also resulted in an increase in the marketing margins for OMCs.

The increase in marketing margins per litre for the OMCs namely Indian Oil Corporation (IOC, IND AAA/Stable), Hindustan Petroleum Corporation (HPCL, IND AAA/Stable), and Bharat Petroleum Corporation (BPCL) will be driven by a) greater flexibility with OMCs to pass on the crude price volatility to the end-consumers at a higher frequency b) lower need for steep price hikes that was seen in the fortnightly pricing regime and thus lowering the possibility of political intervention and c) lower hoarding by the dealers in anticipation of price rises which resulted in probably a bigger share of inventory gains on the marketing segment at the dealer level rather than at the OMC level.

However, an increase in the marketing margins could also result in an increase in competition from private sector owned retail outlets and hence OMCs may balance the marketing margins to limit competition.

The OMCs will be free to change the prices of petrol and diesel on a daily basis, in-line with global best practices as against the current fortnightly price revision. In the current regime, the OMCs revise the rates on the 1 and the 16 of every month, based on the average price of crude and the exchange rate in the preceding 15 days. In the US, where the prices are revised on a daily basis the maximum upward price change was 60paisa/litre, while the maximum downward revision was 50paisa/litre with a median change of around 1paisa/litre in FY17. However, in India, the maximum upward price change during FY17 was INR3.38/litre, while the maximum downward revision was INR2.25/litre for petrol prices in Delhi.

Initially, the pilot for the daily price revision will be launched in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh and gradually extended to other parts of the country.

Over the last three to four years, the downstream sector has seen a slew of structural changes which have helped the OMCs to reduce their short-term borrowings and consequently the interest burden substantially. In the last two years FY14-FY16, gross borrowing of PSU OMCs have fallen 29% and interest cost has consequently declined by 37%.

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