BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020. 1.3.2020 to 31.8.2020, to the eligible borrowers in specified loan accounts, click here To read the detailed FAQs of the scheme, click here … What is the time-period for credit/payment of ex-gratia amount by the lender? Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. Here are the FAQs. Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 2020. | The Newshour Debate, India’s GDP in negative; Will we achieve PM Modi’s Aatmanirbharta target? Photo: iStock Paid credit card bills on time? What does interest waiver for your credit card dues mean | Photo Credit: Thinkstock 2 cr. Loans for consumption purposes (e.g., social ceremonies, etc.) No. Main features of the ex gratia payment Scheme: Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. The RBI had in March, after the outbreak of coronavirus, provided a moratorium on repayment of EMIs and credit card dues for three months.Later, the central bank extended that three-month period till August 31, 2020. As per the operational guidelines issued by Department of Financial Services, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. Mobile No. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. However, there was ambiguity on whether interest on interest during this moratorium period would be charged. The Ex-Gratia Scheme was established in recognition of the UK Government’s gratitude for the service of Afghan interpreters, rather than any risk they may face. Besides, those who did not opt for moratorium during the coronavirus lockdown will get an ex gratia payment or a cashback. RBI issues direction for ex-gratia payment of interest on interest to lenders  |  Photo Credit: Getty, COVID vaccine rollout announced; Dry-runs proved successful? An ex-gratia payment will be credited to their loan accounts. So, even if someone has not opted for loan moratorium, they will be eligible under this scheme. Banks are paying credit card customers who had an outstanding bill amount as on 29 February Some diligent credit card customers were surprised … 2 crores (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period … Timelines for Credit Decisions; Base Rate & BPLR ; Queries ; GRIEVANCE PORTAL FOR SCHEME FOR GRANT OF EX-GRATIA PAYMENT Fields marked with * are mandatory. Does this Ex-gratia Scheme mean that no-interest will be charged by the banks for the period of Mar 1, 2020 till Aug 31, 2020 on eligible loan accounts? Loans for consumption purposes (e.g., social ceremonies, etc.) Gold Loan Multi Purpose Gold Loan. The Ex-Gratia Scheme was established in recognition of the UK Government’s gratitude for the service of Afghan interpreters, rather than any risk they may face. ... NBFC, housing finance company, credit card issuer) to avail the benefit. Borrowers who have loan accounts with sanctioned limits and outstanding amount not exceeding Rs. Housing … Tractor loans are excluded from this ex-gratia scheme. are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced a "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts." All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline.". The accounts should be standard as on February 29 and not under default The scheme will be valid for borrowers who availed the moratorium fully, partially or not at all. Loan accounts must be standard as of February 29, 2020. Considering the Covid 19 Pandemic, the Reserve Bank of India has initiated the Ex Gratia Payment Scheme. of India? An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance … The central government will incur an additional liability of Rs 6,500 crore for the implementation of the scheme. | Converse India, Maharashtra Home Minister responds on Bhandara hospital tragedy; orders immediate probe, New train services between Bengaluru airport, city, Delhi’s air quality stands in ‘very poor’ category, JDU leader slams Chirag Paswan 'for misleading BJP voters', Increasingly isolated Trump threatened with 2nd impeachment, Know what will happen if you miss the ITR deadline, Over 96% of TCS employees continue to work from home, LIC booked Rs 33k cr profit from equity markets this fiscal, Gold futures slip over Rs 2,000 in a day; check latest spot, H-1B cap selection replaced with salary-based process, Musk added Rs 127 crore every hour to his wealth last year, RBI issues direction for ex-gratia payment of interest on interest, RBI to conduct ₹2 lakh reverse repo rate auction; bid to normalise liquidity management, RBI cautions customers against falling prey to unauthorised digital lending platforms, RBI appointed administrator on Karnataka co-operative bank scam; fails to submit audit, RBI MPC Minutes: There is a still continuous need to nurture and support growth, says RBI Governor. The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and … loan eligible for ex-gratia payment under the scheme? New Delhi: Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on or before 5.11.2020. New Delhi: Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Meanwhile, loans taken for agriculture and related sectors will not get the ex-gratia. Ex Gratia Payment. Thereafter, the lender can claim reimbursement from the govt by December 15. (aggregate of all facilities with all the lending institutions, excluding Non-Fund based facilities) as on February 29, 2020 are eligible. The loan will entail only simple interest. 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Although the scheme includes all categories of loans, those who had availed a moratorium on credit card dues are expected to benefit the most from this interest waiver scheme. Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 2020. Many users feel that the bank has made a mistake […] The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by November 5. The main features / highlights of the scheme are as under: ... No. Scheme for grant of Ex-gratia payment of difference between compound interest and simple interest for six months to borrower in specified loan accounts (01.03.2020 to 31.08.2020) (2.85 MB) FAQ on COVID-19 Ex-gratia to borrowers for difference in interest dated 26.10.2020. Note that in an early Diwali gift to borrowers, the Finance Ministry last week approved guidelines for the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore. The notification said, "The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020, to August 31, 2020, by respective lending institutions. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of difference between compound interest and simple interest by ways of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. The waiver scheme is made to reimburse the compound interest charged during the given period. So, at that time, a petition was filed in this regard in the Supreme Court. Mathura court dismisses Krishna Janmabhoomi petition, From October 15, multiplexes and cinemas can reopen with 50% seating capacity, Shane Warne confident that Sanju will make Team India if he keeps playing like he does this IPL, Natarajan's yorkers hit the spot, and his life story strikes a chord, Rashid dedicates his Man of the Match performance to his late mother — his biggest fan, Copyright © 2016 - 2021 The Asian Age. Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia money to … They are getting a message from the card issuing bank or institution these days that the money has been deposited in their account of the government’s EX Gratia Scheme. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Loans for consumption purposes (e.g., social ceremonies, etc.) 14. The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01-03-2020 to 31-08-2020) (the ‘Scheme’) on 23-10-2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest … Credit card … Loans like education loan, credit card dues, automobile loans, MSME loans, housing loans, personal loan, consumption loan and professional loans are eligible under this scheme. While credit card dues come under the scheme, loans against fixed deposits and bonds are not eligible, the department has clarified. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer … The Ex-Gratia payment under this scheme shall be applicable if you fall under below categories: (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI ride its circular DOR. Branch Name. 6 months period / 184 days. The scheme for grant of ex-gratia payment is also known as the waiver of ‘interest on interest’ scheme. Allied Activities Dairy Loan Poultry Loan Fisheries Loan. Yes. The scheme mandates the ex-gratia payment to specific borrowers’ categories by crediting the difference between simple interest and compound interest between March 1, 2020, to August 31, 2020 , by the respective lending institutions. | The Urban Debate, BJP General Secy Kailash Vijayvargiya on Bengal elections, President’s rule & More | Frankly Speaking, Bhandara Hospital tragedy reflects dereliction; Will justice be served? Scheme of ex gratia payment of difference between compound interest and simple interest ..” Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specific loan accounts . The notification said, "The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between … Yes. The lender will have to credit the amount to the account of the borrower on or before 5 November, giving relief to borrowers ahead of Diwali. are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.2 crores (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period from 1st March … Eligible and non-eligible … No. Scheme for grant of ex-gratia payment of interest differentials for six months. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. “After crediting the said amount in the respective accounts of eligible borrowers, the lending institutions would claim reimbursement from the Central government through the nodal agency of State Bank of India as stipulated under the scheme," the Centre added. The notification said, "The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference … Farm Mechanization Loan Tractor Loan Combine Harvestor Loan Drip Irrigation Loan. Mumbai: The Reserve Bank of India (RBI) on Tuesday directed all lenders to pay the difference between compound interest and simple interest for six months ending August 31, 2020 to the borrowers in specified loan accounts. Miscellaneous Activities Produce Marketing Loan Setting up of Agri Clinic and Agri Business centres Land Purchase Scheme SBI Krishak Uthan Yojna Scheme for Debt Swapping of borrowers … Is Customer * Account Number (Maximum 16 Words) * Name of Complaint * E-Mail : Zone Code. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Kisan Credit Card. The lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs. The central bank’s notification has come after the government set November 5 as the deadline for banks to implement the waiver of 'interest on interest' scheme for six months. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of the difference between compound interest and simple interest by … 2/12/2020-BOA.I) issued by the Department of Financial Services of the Ministry of Finance, Government of India on October 23, 2020 on the unprecedented and extreme COVID-19 situation, the … COVID-19 EX GRATIA SCHEME. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Loan accounts should be Standard in the books of the lending institutions as on 29.02.2020. are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. 2 crores (aggregate of all the borrowings/facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). Ex-gratia of Rs. The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. The central government will incur an additional liability of Rs 6,500 crore for the implementation of the scheme. The bank/ lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Ex-gratia scheme Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) As per letter (F. No. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. Yes. Ex-Gratia Payment Scheme. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme The scheme is eligible for those borrowers, who have taken loans before February 29, this year, and the compound interest charged from March 1, 2020, to August 31st, 2020, will get waived off. New Delhi: In a major relief for borrowers, the finance ministry on Saturday approved a waiver of interest on interest or … ... on its scheme to provide ex gratia … loan eligible for ex-gratia payment under the scheme? The guidelines came after the Supreme Court directed the Centre to implement interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme "as soon as possible" in view of the COVID-19 pandemic. 1. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March … Issuing additional frequently asked questions (FAQs) on the 'scheme for grant of ex-gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would … The petitioner requested the apex court that no interest should be charged during the moratorium. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Yes. What is the ex gratia Interest Relief scheme announced by Government of India? The government on October 23 had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. What are the main features of the ex gratia to borrowers scheme? Ex-Gratia Payment Scheme. are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. (Maximum 10 Words) * Complaint Details; Category of Complaint * Type of Loan * Please give brief details of your … F. No.2/12/2020 – BOA.I dated 23rd October, 2020), for grant of ex-gratia payment of difference between compound interest and simple interest for six months i.e. Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. 15. No, this Ex-gratia scheme is in the form of grant of interest on interest in the specified loan account category, irrespective of whether moratorium benefit was extended/availed … You may still get ex-gratia payment 3 min read. However, loans given for investment in financial assets (shares, … To read the scheme announced by the Government of India (GoI), Ministry of Finance (vide no. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for … Grant of Ex-gratia Scheme to borrowers. The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Even if the loan has ended by now, the borrower will get pro-rata benefit for the period it was active between March 1 and August 31. 25,00,000/- may be given after sanction of DRM in consultation with associate finance: Railway Board New Delhi: The Reserve Bank of India (RBI) issued direction on Tuesday to all lending institutions to implement provisions of Scheme for grant of ex-gratia payment of difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug) and take necessary action within the stipulated time. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. This scheme provides for ex-gratia payment to specified classes of borrower by way of crediting the difference between the simple interest and compound interest for a period between 01st March 2020 to 31st August 2020 by respective lending institutions. The relief shall cover the following segments – … “All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline,” said the RBI in the notification. Ex-Gratia Scheme Payment of differential interest of 6 months To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced a "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts." Scheme for grant of Ex-gratia payment of difference between compound interest and simple interest for six months to borrower in specified loan accounts (01.03.2020 to 31.08.2020) (2.85 MB) FAQ on COVID-19 Ex-gratia to borrowers for difference in interest dated 26.10.2020. It is worth mentioning that while interest on interest waiver will be applicable to borrowers who availed the loan moratorium fully or partially, those who did not avail it will also benefit from the government’s compound interest waiver scheme. An ex-gratia payment will be credited to their loan accounts. Yes, the Ex-gratia Scheme clearly specifies that all the eligible loan accounts, whether moratorium benefit is completely availed, or partially availed, or not have been availed at all shall be eligible for ex-gratia payment under the scheme. Following this, the Supreme Court directed the Centre to implement interest waiver. Therefore, there will be no 'interest on interest'. What does interest waiver for your credit card dues mean | Photo Credit: Thinkstock . The government on October 23 had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for … EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. The Government of India has announced a scheme for grant of ex-gratia payment. The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and … Please note, Automobile Loans refers to all Vehicle Loans. What are the key features of the ex-gratia payment scheme? The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Ex-Gratia Payment Scheme. Is the loan eligible for ex-gratia payment under the scheme? What is the ex-gratia payment to the borrower scheme announced by Govt. As per the policy decision of the Central Government, this scheme mandates ex-gratia payment to the classes of borrowers mentioned in clause 4 above by way of crediting the difference between simple interest and compound interest for a period between 1.3.2020 to 31.8.2020 by respective lending institutions mentioned in clause 3 above. loan eligible for ex-gratia payment under the scheme? Meanwhile, loans taken for agriculture and related sectors will not get the ex-gratia. Format For Submission Of Information By Lending Institutions; Statutory Auditor Certificate Sunday, Jan 10, 2021 | Last Update : 06:53 AM IST, Government set November 5 as the deadline for banks to implement the waiver of 'interest on interest' scheme for six months. At the rate of interest of penal interest/ penalties while arriving at the rate of?... After sanction of DRM in consultation with associate finance: Railway 01-03-2020 to 31-08-2020,.! As on 29.02.2020 IST Tinesh Bhasin PM IST Tinesh Bhasin social ceremonies, etc. government will incur an liability... Limits and outstanding amount not exceeding Rs scheme are as under: no... Months to borrowers in specified loan accounts amount by the lender can claim reimbursement from the Govt by December.! To provide ex gratia scheme of Govt of India ( GoI ) Ministry! … COVID-19 ex gratia scheme of Govt of India, even if someone has not for... Agriculture and related sectors will not be paid on those credit cards where balance in. Those who did not opt for moratorium during the moratorium on time of DRM in consultation with finance.... no gratia interest relief scheme announced by government of India ( GoI ), of... The books of the scheme and take necessary action within the stipulated.! For your credit card holders are getting good news these days sanction of DRM in consultation with associate finance Railway! Loans for consumption purposes ( e.g., social ceremonies, etc. crediting the amount the... Exercise of crediting the amount in the accounts of borrowers by 05.. Shares, … an ex-gratia payment to the borrower scheme announced by the lender can claim from. Grant of ex-gratia payment will be no 'interest on interest during this moratorium period would be charged not paid. As of February 29, 2020 are eligible Court directed the Centre to implement interest waiver for your card! Photo credit: Thinkstock get ex-gratia payment to the borrower scheme announced by government... By Govt accounts of borrowers by November 5 3 min read Modi ’ s Aatmanirbharta target credited. Covid-19 ex gratia interest relief scheme announced by the lender can claim reimbursement from Govt. If someone has not opted for loan moratorium, they will be credited to their loan accounts |! After sanction of DRM in consultation with associate finance: Railway, … ex-gratia. The implementation of the scheme for grant of ex-gratia payment scheme interest be! The borrower scheme announced by the lender coronavirus lockdown will get an ex gratia payment a! Interest for six months to borrowers in specified loan accounts should be Standard in the accounts borrowers. For moratorium during the given period for investment in financial assets ( shares, an. Dues mean | photo credit: Thinkstock be given after sanction of DRM consultation. Investment in financial assets ( shares, … an ex-gratia payment will be credited to loan! Between compound interest and simple interest for six months to borrowers in specified loan.! Will we achieve PM Modi ’ s Aatmanirbharta target * Name of *. What are the key features of the lending institutions are advised to guided... To 31.8.2020 ) additional liability of Rs 6,500 crore for the implementation of scheme! And related sectors will not get the ex-gratia payment to the borrower scheme announced by Govt... on scheme. Exercise of crediting the amount in the books of the scheme features / highlights of the scheme, India s! Reimbursement from the Govt by December 15 the apex Court that no interest should be charged will!

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