Money & Banking
RBI begins crediting money to NRIs who deposited old notes
The Reserve bank of India (RBI) has initiated the payment process to credit value of the banned notes deposited by non-residents Indians (holding Indian passport) under the demonetisation drive, says an official from the central bank. 
 
In an email response, the official from RBI stated, "The current window is for exchange of specified bank notes (old Rs500 and Rs1,000 notes) by NRIs (people having Indian passports) and residents who were away during 9th November to 30 December 2016. The process involves verification of their know-your-customer (KYC) status, and their not availing the exchange services during the normal window. This process takes several weeks. As such the payments have commenced now. While we regret the delay, the time taken was needed to complete the verification process."
 
RBI has granted a grace period for NRIs and Indian citizens who were abroad during the demonetisation drive to deposit banned notes of Rs500 and Rs1,000. For resident citizens, who were abroad during the demonetisation period, the facility to exchange banned notes is available till 31 March 2017. For NRIs, the same facility is available till 30 June 2017. While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs is as per the relevant regulations under the Foreign Exchange Management Act, 1999 (FEMA).  
 
As per the Reserve Bank, after expiry of the grace period, holding of not more than 10 notes in total, irrespective of denomination or not more than 25 notes for the purpose of study, research or numismatics is permitted. In terms of Section 7, contravention of Section 5 shall be punishable with fine, which may extend up to Rs10,000 or five times the face value of the banned notes involved in the contravention, whichever is higher.
 
RBI has set up counters at its five offices, Mumbai, New Delhi, Chennai, Kolkata and Nagpur to allow NRIs and Indian citizens to avail the exchange facility during the grace period. This facility is not available outside India. 
 
 
Any person aggrieved by the refusal of the RBI to credit the value of notes as mentioned above may file a complaint to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to her.
 

 

User

COMMENTS

Mukundkumar Shah

10 hours ago

RBI, BBY, not at all started depositing the demonitised currency to the Indian Residents who stayed abroad during the demonitisation period. However they just put on the website that they already started depositing.
I wrote on behalf of my wife.

Maharshi Mehta

18 hours ago

I deposited 25k +16k deposited in RBI Mumbai on 23rd January; we are still waiting for credit in our NRO account. Don't know how to track, whom to write.

REPLY

Bharathan .D

In Reply to Maharshi Mehta 8 hours ago

Same case I submitted around 15k at Chennai RBI on 19th Jan 2017 but yet to receive the amount in my account. No way to check the status i tried to send a mail in the letter given to us. But no use I lost the hope in RBI...

T V Sundaram

4 days ago

I am happy to inform you all that my money has been credited to my bank account on the 25th of May; in other words exactly after 4 (four) months. No interest of course, which RBI should have given me for the inordinate delay in exchanging my old demonetised notes.

REPLY

srishiva125

In Reply to T V Sundaram 7 hours ago

Namaste Sundaram ji. Could you please let us know in which city you have deposited ?

T V Sundaram

In Reply to srishiva125 5 hours ago

I deposited in RBI, Chennai.

Shaista Mujeeb

In Reply to T V Sundaram 14 hours ago

Hi Sir, I am glad to know that your money has finally been credited, I hope ours will be done soon enough too. It has been more than two months since I spent my time and efforts on going to Chennai, we were given an affirmation that the money will be credited in 45 days. After beating the heat and standing in endless queues for 5 hours( for my own hard earned money), the notes were finally accepted. I just hope they will pay heed to the woes of citizens. We are paying a bad price for being Indians.

Chintan Vaghani

4 days ago

Any Indian Resident has received money back from RBI? And is there any time, when they will get money bank?

Satz

1 week ago

I got the below email like a month back then i send them my NRO account detail then they credited the money to that after a month!

"Dear Sir,

Facility for exchange of Specified Bank Notes (SBNs) during Grace Period -
Unique Reference Number: [CHE 0XXXX]

We advise that your application for exchange of Specified Bank Notes (SBNs) submitted under the "Facility for exchange of Specified Bank Notes (SBNs) during Grace Period" could not be processed further, as we are unable to credit the claim amount to your NRE account.

You are therefore, requested to furnish particulars of alternate bank account at the earliest to enable us to credit the exchange value. You may furnish the desired information by mail to xxxxxxx@rbi.org.in.


Regards

SBN NRI Team
Claims Section, Issue Department
Reserve Bank of India, Chennai"

Satz

1 week ago

I just got the credit on my NRO account last week which i have deposited on 1st week of January. I have sent so many follow emails but no response at all. Probably RBI-Chennai is the worst RBI branch in India. POOR MANAGEMENT.

T V Sundaram

1 week ago

Here is the e mail I send on the 14th of May 2017 to the Chief General Manager, Department of Currency Management, RBI, Mumbai, which is self explanatory:

I am a Super Senior Citizen having completed 80 years of age and presently I am with my daughters in USA.

Between the 8th of November 2016 and today, I was in India only for 26 days i.e. from 9th January 2017 to 4th February 2017.    I wish to narrate my personal experience during those 26 days  on account of demonetisation.

Upon arriving Chennai on the 9th of January, I desperately needed cash, and my Bank was giving me only Rs.10,000/- per week, though I had enough balance in my account with the Bank.   I was not successful to draw from ATMs too for reasons such as ATM withdrawal limits, ATM non-functional, ATM cashless, and so on.   My Bank was also giving me only Rs.2000/- denomination notes.   But for the generosity of one of my neighbours, who assisted me by lending as well as exchanging Rs.2000/- notes with lower denomination notes, I would have been put to lot of difficulties and inconvenience.

I had Rs.28,000/- demonetised old currency comprising of Rs.500/- and Rs.1000/- which I surrendered at the Chennai RBI Office on the 23rd of January 2017 in the prescribed Form along with all the documentary evidence required by the RBI.   I was at that time informed by RBI staff that the amount would be credited to my S B Account within the next 2/3 weeks.   Till today i.e. even after the expiry of 3 months and 3 weeks I am yet to get the credit to my S B Account in my Bank.

RBI Chennai has not asked me for any further information nor have they asked my Bank for any details, as I understand from my Bank Manager.

I strongly feel that RBI should consider closing down its office (atleast the Currency Division) in Chennai, as it does not seem to be performing any useful role.   They have had no courtesy even to send me an interim reply till this date indicating the status of the application and when I can expect the amount to be credited to my bank account indicated in the application form.   

I have seen reports in the newspapers of the RBI emphasising the importance of customer service in banks and the Institution of Ombudsman has been appointed by the RBI in various regions to get customers’ grievances with the banks redressed.    Obviously, customer service is not regarded as important for the country’s Central Bank as otherwise such a scandalous delay in dealing with my application in the amount to be credited to my account would not be taking place.   One gets a very very poor impression of the RBI whatever the Governor and other senior functionaries of the Bank may be saying in various fora from time to time.

I hope that I will hear from you.

Gopal Krishnamurthy

1 week ago

We the people are to be blamed for this fiasco and for nonsense approach by RBI/GOI. NRIs and PIOs should have boycotted Parvisa Bharath Divas instead the week kneed people attend such gatherings. GOI , PM and External affairs ministry simply do not care for us and they are busy with their own agenda. We are OK with GOI/RBI setting us deadlines for surrendering our money by said date but we never question or insist on asking GOI/RBI deadline for depositing the new currency into our account. We get a Government that we deserve. We can post out thoughts , read articles such as these that convey nothing and feel happy seeing out messages posted but at the end of the day the issue remains - we do not know when we RBI will pay our money without interest. GOI/RBI is enjoying interest free money and we keep begging RBI/GOI to pay our money back. Shame on us. None of my emails to concerned people evoked any response. Not sure why we have an external affairs ministry when they cannot even look at our issues. Very bad planning as usual form Goverment. As I said we deserve it in the end. We needed a person like M K Gandhi who could have asked for a boycott of sending in money or investing in India till govt looked at the issues.

Madhurima Badhwar

2 weeks ago

I just want to asked the Govt why they tack to muchtime return the money back. They must update people what's going on, almost five months passed they not get his money back they have loss the I trust also

REPLY

Chintan Vaghani

In Reply to Madhurima Badhwar 4 days ago

Simple RTI is one solution, to know when, they deposit money. You can make simple RTI in the post office. They have to answer.

T V Sundaram

2 weeks ago

Will the RBI pay interest to all those whose amounts are in its custody for no fault of those citizens. There is absolutely no justification for the RBI to keep citizens' amount just because of confusions at RBI/Government.

REPLY

Madhurima Badhwar

In Reply to T V Sundaram 2 weeks ago

I agree with mr Tv Sundaram he is right RBI must pay interest for delay the payments without no justification

Gopal Krishnamurthy

In Reply to Madhurima Badhwar 1 week ago

IMHO noone from RBI or GOI that has decision making authority will be reading these messages. We should be thanking if we get our money back interest free. From my end I would consider it to be bonus if I get back my money. I have written it off. A government cannot become efficient all of a sudden.

Ajay Govind

2 weeks ago

I spoke to RBI official on helpline (022-2260-3005). He told me that till today they have not deposited any amount to any account, as there is lot of confusion and they don't have clear instructions from the government to deposit the money. He mentioned that they are expecting possible answers within 10-15 days. Once theta happens they will deposit everyone's money in their respective accounts within few days. So I guess, we just have to wait...until that happens.
People with concerns can write to sbncellrmo@rbi.org.in

REPLY

srishiva125

In Reply to Ajay Govind 2 weeks ago

Thank you so much

Adinath Kinge

2 weeks ago

Pl give address of counter for depositiong old notes at Mumbai

Vimmy Solanki

2 weeks ago

My mother went to Australia n whn she came we deposit the money on16th feb 2017 n its been 3 months nw we didn't receive any money in our bank account send several mails n called many times but all in vein.
Still confused whom to contact for the same ...

UTKARSH GARG

2 weeks ago

I had deposited money on 17th Feb, 2017 at RBI, New Delhi after wasting 2 days standing in line but as of today (14th May, 2017) money is not credited to my account whereas I was told that it will take maximum 2 months but now it's 3 months. After all it is Indian Government, what else we could have expected.

T V Sundaram

3 weeks ago

I had deposited with RBI a small amount of demonetised notes as early as on the 23rd of January 2017 and till today (10th May 2017) i.e. even after almost 4 (four) months the amount has not been credited into my bank account. My frequent phone calls/e mails to RBI concerned department/s did not yield any results. I am a Senior Citizen of 80+. I hope they will pay me interest for the period my money in their custody; I would have earned some interest had I deposited in my own bank the said amount.

REPLY

Gopal Krishnamurthy

In Reply to T V Sundaram 1 week ago

We need to make sure that the amount (and time) spent on follow up does not exceed the amount submitted for conversion (to new currency).

This is how the great LeEco India story went bust
After arriving in India in January last year, Chinese internet and technology conglomerate LeEco fast became the "true disrupter" in the evolving Indian smartphone market with its huge marketing spend -- and the announcement of a state-of-the-art assembling/manufacturing unit.
 
News that the company has fired 85% of its India staff across the sales, marketing and distribution departments -- and confirmed by a company source to IANS on Friday -- has effectively punctured a mammoth dream just within a year. 
 
The source also confirmed to IANS that both Atul Jain, Chief Operating Officer, Smart Electronics Business, and Debashish Ghosh, Chief Operating Officer for Internet Applications, Services and Content, were "asked to leave" and had not quit as reported.
 
Speculation is also rife that LeEco may finally exit the country after spending millions on promoting its ecosystem of "superphones" and "super TVs".
 
"LeEco is in serious financial trouble and has, as a consequence, practically ceased India operations. The staff layoffs are a direct consequence of this. Even in the previous quarter, their shipments were close to zero," Jaideep Mehta, Managing Director, IDC South Asia, told IANS.
 
After its entry into India, the company launched five superphones, a LeEco membership of content and internet services, its e-commerce platform LeMall and, most recently, "SuperTVs".
 
"LeEco, as the name suggests, was built on the premise of an ecosystem. The device would open a user to an ecosystem and it was not just a smartphone. However, for a country like India, and even for many countries globally, this ecosystem isn't ready yet. Paid content consumption hasn't become big enough for a company to survive while earning nothing on the device itself," Faisal Kawoosa, Principal Analyst, Telecoms, CyberMedia Research (CMR), told IANS. 
 
On the contrary, if you see other handset brands, to an extent they too make money from content, but as value-added earnings -- which is just a fraction of the actual earnings out of the device. For them, it is akin to average revenue per user (ARPU) of a telecom operator where the operator wants to earn more per user by offering additional services.
 
"LeEco came in to disrupt this business model and make the secondary streams of earnings as their primary. For that to happen, the ecosystem hasn't arrived yet. So their positioning as well as proposition went wrong. It dismayed a user to see nothing extraordinary in terms of Device+ strategy," Kawoosa added.
 
In August, LeEco announced a $7 million manufacturing unit in Greater Noida in the presence of IT and Electronics Minister Ravi Shankar Prasad.
 
"As the market size for electronics is expected to grow to $400 billion by 2020, it is imperative to promote indigenous manufacturing. LeEco is a name of global reputation and it is heartening to see it align with 'Make in India' after entering India just eight months earlier," Prasad had told the gathering.
 
LeEco planned to ramp up the production to approximately 200,000 "superphones" per month by the end of 2016, before a severe financial crunch caught up with the company. 
 
"I think there was a disconnect with their go-to-market strategy. Being an online player they spending was almost like a player with an offline distribution strategy. Although their products were good, it was the overall marketing strategy that led to quick cash-burn," Tarun Pathak, Senior Analyst, Mobile Devices and Ecosystems at New Delhi-based Counterpoint Research, told IANS.
 
According to Kawoosa, for few years, LeEco should have positioned itself as a brand offering better specs of hardware at affordable prices. 
 
"Eventually, as the ecosystem would have matured, they could have played the LeEco card," Kawoosa told IANS. 
 
For assembling/manufacturing in India, LeEco had partnered with the US-based company M2i which will continue to manufacture for others if, by any chance, LeEco doesn't continue to manufacture in India. 
 
"I would say, these experiments will go on and we may see brands coming in and out for manufacturing in India. For 'Make in India', I wouldn't consider this as a blow yet," Pathak noted. 
 
Given the LeEco experience, other smartphone players need to look at their scale of operations and play to their strengths. 
 
"Since India is a such a diverse market, one strategy doesn't lead to guaranteed success throughout the country. With the smartphone segment being so competitive, and amidst razor-thin margins, brands need to watch their campaigns and invest wisely," added Kawoosa.
 
"It is simply a case of an over-ambitious company going under," Mehta noted.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Rahul Mishra

3 months ago

Superb article
Indian phone and internet market is still getting a feel of new technology. The penetration is low as far as latest technology adoption is concerned.

Bitcoin: Can RBI ignore the elephant in the room?
Virtual currencies like Bitcoin are all the rage in FinTech, and could potentially transform global commerce in the years ahead. Users are adopting them in the thousands each day and the value of trade in these currencies is witnessing unparalleled growth.
 
The world over, regulators are working out carefully-crafted regulations to foster Bitcoin growth. In India, however, even with the new cashless push by the government and existing Bitcoin trade spiking post-demonetisation, the Reserve Bank of India (RBI) continues to shy away from recognising and regulating virtual currencies.
 
On February 1, the RBI issued a yet another cautionary press release, on the back of an earlier one issued in December 2013, warning users of a risk they are likely to already be aware of -- that it (the RBI) does not regulate and has not licensed any virtual currencies in India, and anyone using them does so at their own risk.
 
A month later, on March 1, RBI Deputy Governor R. Gandhi raised concerns over virtual currencies, saying they pose potential financial, legal, customer protection and security-related risks.
 
While the central bank seems to be insulating itself from the repercussions of these currencies remaining unregulated, their use continues to grow exponentially across the world, including in India.
 
As of an August 2016 (pre-demonetisation) estimate, the number of Bitcoin (the most prominent of several virtual currencies) users in India stood at 50,000 and growing. India now also has a large number of prominent Bitcoin exchanges such as BTCXIndia, Coinsecure, Unocoin and Zebpay. Globally, by some estimates, Bitcoin users alone could breach five million by 2019.
 
The latest red flag from the RBI may well have been prompted by the recent surge in the price of Bitcoin on Indian Bitcoin exchanges post-demonetisation. Bitcoin is freely tradable currency, and has its own exchanges (including in India) where users can sign up and speculate, buy and sell Bitcoins for other currencies (such as the rupee).
 
After the cash ban, Bitcoin was quoted to be inflated 20-25 per cent over cost. As of March 2, Bitcoin was trading at Rs 90,000 to a single Bitcoin. In October 2016, this value was Rs 40,000 to a Bitcoin.
 
The question that arises then is how long can the RBI afford to adopt a hands-off approach to virtual currencies, when regulators elsewhere are adopting proactive measures?
 
The RBI's research wing, the Institute for Development & Research in Banking Technology, issued a white paper on the applications for blockchain technology in the banking and financial sectors in India in January 2017, which acknowledges the prominence of virtual currencies, but steers towards the underlying distributed ledger (blockchain) technology, rather than virtual currency regulation.
 
A large number of countries, not just in the West but in India's own neighbourhood, have either adopted or are close to adopting virtual currency regulation in some form. These include China, Russia, Singapore and the Philippines, which issued guidelines for virtual currency exchanges as recently as January.
 
Interestingly, the precursor to regulation in a number of these countries were warnings similar to those issued by the RBI. However, these warnings largely came around 2013, at a time when the understanding of the technology and the use of virtual currencies was much lesser than it is today.
 
In 2017, when users, trading and payments in these currencies are growing and maturing faster than ever, the warn-watch-wait approach simply will not work.
 
There are a number of downsides to not bringing in regulation when virtual currency use in India is still modest. Prominent among these is that regulation which kicks in when products and technologies have become systemic will invariably cause friction between regulators on the one hand, and businesses and users on the other, requiring stakeholders to make slow and possibly expensive changes to the way they transact.
 
Another issue is the key role regulation plays in consumer awareness and security. While the RBI may sleep soundly having issued its caveat emptor, given the attractive investment opportunity and ease of use and access virtual currencies offer, users are likely to throw caution to the wind and invest anyway.
 
The clear downside to this is that investors will likely fall prey to unregulated and unscrupulous Bitcoin exchanges and wallet operators (similar to a Paytm or Mobikwik, but exclusive to storing Bitcoin). Without any oversight, these operators rely on self-regulation. They could have severe gaps in data security, could charge exorbitant interest and transaction fees, and in a worst-case scenario, disappear with investor money altogether.
 
More importantly, the jury is still out on whether virtual currencies can be used to pseudonymously finance crime, including terrorism, and given the sensitive security scenario in India, it is important for the government to understand, and for the law to control, who can buy them and what they can do with them. As transactions grow, so will the chances and potential for virtual currency-related fraud.
 
Legal scholars Jack Goldsmith and Timothy Wu have said "government regulation works by cost and bother, not by hermetic seal", which appears to be the line the RBI is taking on virtual currencies.
 
With emerging technologies, however, especially those as radical as virtual currencies, governments are increasingly learning that the cost and bother of reactive regulation can be substantially greater than proactive regulation.
 
If the Indian government is serious about its cashless drive, it will have to consider virtual currencies as an integral part of the panacea being touted for our archaic economy.
 
It is up to the government and the RBI to lead the way by bringing forward-looking regulation for virtual currencies sooner rather than later, because there is already much catching-up to do.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

vswami

3 weeks ago

Once bitten, utterly shy for lifetime ! READ a 3 year old story: https://qz.com/72277/i-moved-all-my-second-life-linden-dollars-into-bitcoin/
God forbid; one may have no, or wish to even contemplate a, personal experience ever, to loudly wonder: Is it not high time that a RED ALERT is sounded authoritatively?!

Shelby Mandumppa

3 weeks ago

On jan 30th,at mumbai i have deposited money till no receipt of money

Shelby Mandumppa

3 weeks ago

On jan 30th,at mumbai i have deposited money till no receipt of money

Shelby Mandumppa

3 weeks ago

On jan 30th,at mumbai i have deposited money till no receipt of money

Akash Rai

1 month ago

India system is the slowest system in the world I guess. Firstly, government banned country's biggest currency notes and now they r taking a huge amount of time for depositing money in our account. Very sad for them.

Ramananda Kumar Janamanchi

2 months ago

I have deposited old currency on Jan 25, at Chennai on my return from US on Jan 7th. Till date no release of money or no I have deposited old notes at Chennai on Jan 25th. Till date no receipt of money or intimation when we can expect. Eagerly awaiting.

Mukesh Gupta

3 months ago

The meteoric rise in value of Bit Coin is worth a concern. With demonetization, people have been buying BitCoins as a hedge as it is currently offering better returns than gold. Also comes with it some online scams. Another scam in making seems to be GainBitCoin. Another MLM company, which asks you to invest bitcoin, to get 1.8 times returns in 18 months and encourages to create network of people under them. Typical binary pyramidical scheme employed by numerous MLM companies but this one cashes on rising popularity of BitCoin. Perhaps a scam worth investigating for Moneylife team!!!

vswami

3 months ago

What is Bitcoin- is it a 'currency' as seems to have been assumed ?

In an attempt to find an answer, share below, a few tentative jottings :

Not allowing self to be lead by the nose , if not by the head, ALSO READ >

http://www.cnbc.com/…/bitcoin-price-rises-higher-than-gold-…

https://thenextweb.com/…/2017/03/03/bitcoin-worth-gold-co…/…

Upfront, to know, not all but what 'BC' is basically about, >

http://int.search.myway.com/search/GGmain.jhtml…

And, is there no tax angle, albeit premature, to be gone into ?

<> http://int.search.myway.com/search/GGmain.jhtml…

< https://bitcoin.tax/faq
<< https://bitcoinmagazine.com/…/tax-day-is-coming-a-primer-o…/
<<< Bitcoins taxed as property, not currency, IRS says
http://siliconangle.com/…/bitcoin-weekly-2014-march-26-irs…/

For a by_country overview >

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

More on search !

KEY Note: Per IRS BC is not currency but is property/intangible property ; if so, who is the regulatory authority ?

May you find an Answer HERE:

"In October 2015, a systems engineer and aspiring bitcoin entrepreneur, Theo Chino filed a New York Supreme Court lawsuit challenging the authority of the New York State Department of Financial Services to regulate bitcoin, claiming that even if the department had the authority to regulate, it utilized it in an "arbitrary and capricious" way.[154]"

But then, for India why RBI is sought to be projected as the regulatory authority ?- no clarity being readily available, still struggling to find an answer !

Over to eminent better-informed Experts at large for a study and enlightenment !
>>>>>>>>>>>>>>>>>>>>>>>>>

REPLY

Pradeep Kumar M Sreedharan

In Reply to vswami 3 months ago

Excellent, please include me in your contact list 8807790038

Pradeep Kumar M Sreedharan

3 months ago

In an anti-people, pro-elite world, when elected Govts dance to Corporates, when Corporations are People, when individuals have to counter Corporates on one to one basis, when Media is owned by corporates, etc etc then Bitcoin is a Savior. Easiest way to counter Bitcoin, is to allow it to self-destruct! Easily achieved by non-regulation. Burn the Cat with Hot Milk, and it will never come near Milk again. RBI needs to maintasin a steady supply to the Banksters with Bakaras

Mahesh S Bhatt

3 months ago

This business is more than US$560 billion card business which Cryptocurrencies ( Bitcoin/Coinsecure etal) are promoting post 2008 USA meltdown.

Idea is Governments/Banks/Property/bailouts have used taxpayers money shamelessly to bailout wrong ones & are corrupt so Engineers/VC's have comeout with Currency without Government control.

The major question is Trust in case of another Tech meltdown/who owns ( nobody that blockchain technology says which is scary).

Questions like who controls/regulates & its all speculations.

There are reported hacks of Cryptocurrency Bitcoins too & are used illegally/legally in limited avenues.

So challenges are serious there too Wait & Watch is better policy.

Mahesh Bhatt

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