CURRENT AFFAIRS SNIPPETS FEBARUARY 1 AND 2 2022

 

CURRENT AFFAIRS SNIPPETS

 

01st February 2022

National News

India can become $5 trillion economy by FY26: Chief Economic Advisor

short by Ashley Paul / 08:09 pm on 01 Feb 2022,Tuesday

Chief Economic Advisor V Anantha Nageswaran said that India can become a $5 trillion economy by FY26 or FY27 if it continues to attain 8% real GDP growth rate. According to government estimates, India's economy is projected to grow at 9.2% and 8-8.5% in FY22, FY23. International Monetary Fund projects India's GDP to grow at 9% in FY22 and FY23.

Prime Minister Modi launches Pandit Jasraj Cultural Foundation

Prime Minister Narendra Modi has launched the Pandit Jasraj Cultural Foundation on the occasion of the 92nd birth anniversary of the Indian classical vocalist.  Prime Minister Modi said that the World is entitled to benefit from Indian music like they have from Yoga.  Durga Jasraj and Pandit Shaarang Dev keep alive the glorious legacy of the maestro. Yoga, Indian music has the capacity to stir the depth of the human mind and the world is entitled to be benefited from it.  The Pandit Jasraj Cultural Foundation has been founded by Pandit Jasraj's son Shaarang Dev Pandit, and his daughter, Durga Jasraj. The main objective of the fluctuation is to protect, preserve, develop and promote the National Heritage, Art & Culture of India.

International News

Xiomara Castro sworn in as first female President of Honduras 

In Honduras, the Freedom and Refoundation Party (Libre) member Xiomara Castro has been sworn in as the first female President of the country. The 62-year-old Castro replaces President Juan Orlando Hernández, as 56th President of Honduras. Hernández has held the position for eight years from 27 January 2014 to 27 January 2022.  Castro announced part of her cabinet Thursday, with her son Hector Zelaya as private secretary and Jose Manuel Zelaya -- her husband's nephew -- as defence minister.

 

Sri Lanka to buy fuel from Indian Oil Corporation amid energy crisis

Sri Lanka will buy 40,000 metric tonnes of diesel and 40,000 metric tonnes of petrol from the Indian Oil Corporation's (IOC) Sri Lankan subsidiary amid a fuel shortage in the country. The shortage was sparked by a foreign exchange reserve crisis in the country. The dwindling reserves have led to a shortage of nearly all essential item

 

Banking , Business and Economy

RBI imposed restrictions on Indian Mercantile Cooperative Bank Ltd

Reserve Bank of India has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals. The restrictions came into force from the closure of business hours on January 28, 2022.  RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. The restrictions would remain in force for six months and are subject to review.  The RBI has imposed the above restriction in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS). In particular, a sum not exceeding Rs 1 lakh of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, subject to certain conditions.

Every 15 seconds a millennial opens a savings account with us: Jupiter

short by Roshan Gupta / 08:00 am on 02 Feb 2022,Wednesday

Citing convenience and personalisation as top priorities, millennials now prefer a digital-only banking experience as they want to feel like they're in control and are being smarter with their spending, stated Jupiter, a digital-only banking app. Built for these evolving needs, combined with our customer experience innovations, we're seeing exponential growth in millennial users, added Jupiter.

 

Tata group acquires Neelachal Ispat Nigam Ltd for Rs 12,100 crore 

Tata Group company, Tata Steel Long Products Ltd’s (TSLP) has acquired Odisha-based Neelachal Ispat Nigam Ltd (NINL) for Rs 12,100 crore.  Neelachal Ispat Nigam Ltd (NINL) is a steel plant located in Kalinganagar in Odisha and was shut in March 2020 due to continued losses. It has a capacity of 1.1 million tonnes a year.  This is the 1st instance of privatisation of a public sector steel manufacturing enterprise in India.

NPCI announces UPI safety and awareness week

National Payments Corporation of India (NPCI) and the UPI ecosystem (comprising of leading banks and fintechs) have announced the UPI Safety and Awareness initiative, to create awareness amongst consumers. Under this initiative, NPCI and the UPI ecosystem will observe February 1-7 as ‘UPI Safety and Awareness Week’ and the whole of February as ‘UPI Safety and Awareness Month’.  NPCI has urged users to follow the concept of UPI Safety Shield which mentions 5 tips for safe UPI transactions. With an aim to create awareness amongst consumers, National Payments Corporation of India (NPCI) and the UPI ecosystem have announced the UPI Safety and Awareness initiative.  Under this programme, NPCI urges all the customers to follow the concept of UPI Safety Shield, which the company has derived to educate customers all about UPI payments. The UPI Safety and Awareness initiative will help vulnerable and first-time customers in overcoming their fears of adopting digital payments and guide them to pursue safe payments on the UPI platform.

30% tax on crypto income, CBDC to be launched: Budget 2022

short by Aarish / 09:45 pm on 01 Feb 2022,Tuesday

Finance Minister Nirmala Sitharaman announced a tax of 30% on income from transfer of virtual digital assets. RBI is set to launch digital rupee based on blockchain technology by FY23, she added. India's crypto exchange platform CoinSwitch Kuber has welcomed the move, adding, "This will induct more digital-savvy Indians into an emerging asset class worth over $6 billion in investments."

 

Union budget 2022-23 is being presented by FM Nirmala Sitharaman

Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2022 for the 4th time in a row. She will be presenting the financial statements and tax proposals for the fiscal year 2022-23 (April 2022 to March 2023).  A Made in India tablet has replaced the traditional 'Bahi Khata' as Union Finance Minister Nirmala Sitharaman leaves the Finance Ministry’s office to go to the Parliament to present the Budget.  The Economic Survey 2021-22 was released on 31st January 2022 by the Chief Economic Advisor of India,  V Anantha Nageswaran. The government sees the Indian economy growing at 8-8.5 per cent in the financial year 2022-23 (FY23).

 

 

📌 *Key Highlights : Budget 2022*

 

📍 *GDP growth* for FY 22 expected to be *9.2%,* the *highest* for any large economy.

 

📍 *PLI* (Production Linked Incentive scheme) in *14 sectors* for Aatmanirbhar Bharat to create *6 million jobs* , additional allocation of *Rs 19,500 crore* for PLI in solar PV module manufacturing.

 

📍Promoting *Fintech and digital economy* a focus area for this Budget.

 

📍 *75 digital banking systems* in *75 districts* by scheduled commercial banks.

 

📍 *IBC* to be amended to improve efficiency of resolution process including cross border.

 

📍 *Core Banking Services* to start in *Post offices*

 

📍 PM *Gati-shakti* masterplan Has scope to enhance *Multimodal communication* through 7 engines, 2000 km of rail network to be brought under *KAVACH* & Highway network to grow by *25,000 km* in FY23.

 

📍Contracts for implementation of *multimodal logistics* parks at 4 locations to be awarded in 2022-23, in *PPP Mode*

 

📍 *ECLGS* (Emergency Credit Line Guarantee Scheme) to be extended upto March 2023, guaranteed cover extended by another *Rs 50,000 crore*

 

📍 *8 million* new dwelling in rural, urban areas to be completed under *PM Awas yojana*

 

📍 *Rs 2.37 trillion* worth of *MSP direct payments* to wheat and paddy farmers.

 

📍 *Rs 2 trillion* outlay for MSMEs, Additional loans for *13 mn MSMEs.*

 

📍 *Rs 48,000 crore* allocated to housing projects under *PM Housing Scheme* for FY23, *Rs 1,500 crore* allocated for development of the Northeast in FY23 & Desh stack *e-portal* to be launched to promote *Digital infra*

 

📍 *New provision* to file updated return within *2 years* of relevant assessment year.

 

📍 *Alternate minimum tax* for cooperative societies down from 18.5% to *15%*

 

📍 *Tax deduction limit* for *state govt employees* to *NPS* raised from 10% to *14%*

 

📍 *Surcharge* on Corporate tax *pruned* from 12% to *7%* Surcharge on *transfer of long-term capital gains tax* capped at *15%*

 

📍 *Tax exemption* to start-ups extended to March 2023.

 

📍 *Gross GST collection* for January 2022 at a *record Rs 1.41 trillion*

 

📍 *No change*  in income tax slab.

 

📍 *Electric Vehicles* battery-swapping policy to be brought out with interoperability standards.

 

📍Concessional duty *on import of capital goods* to be phased out.

 

📍 Duty on *unpolished diamonds* to be *reduced to 5%*

 

📍Customs duty on *steel scrap extended by a year*

 

📍RBI led *digital rupee using blockchain* to be launched in FY23, *1% TDS* on *transfer of virtual digital assets* & income to be taxed at *30%*

 

📍 *68% of capital outlay* for Domestic defence industry.

 

📍Revised Fiscal Deficit *6.9% of GDP* in FY22 as against 6.8% in Budget estimates, Fiscal deficit at *6.4% in FY23*

 

📍 *Total expenditure* in FY23 estimated at *Rs 39.45 trillion* ; *total resources mobilisation* to be *Rs 22.84 trillion* other than borrowing.

 

LIC likely to file draft papers for IPO within 2 weeks: DIPAM Secy

Life Insurance Corporation (LIC) is likely to file the draft red herring prospectus (DRHP) to raise funds through an IPO with SEBI within two weeks, said the Secretary of Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey, on Tuesday. Earlier while presenting the Union Budget 2022, Finance Minister Nirmala Sitharaman said that LIC's IPO is expected shortly.

 

Schemes News

Ministry of Defence begins Home Delivery of medicines under SeHAT scheme 

Ministry of Defence had launched the Services e-Health Assistance and Teleconsultation (SeHAT) medical teleconsultation service for all entitled armed forces personnel and their families in May 2021. To add further to this initiative, the Home Delivery or Self Pickup of Medicines to patients seeking consultation on SeHAT will be started w.e.f February 01, 2022.   SeHAT stay home OPD is a patient-to-doctor system where the patient can consult a doctor remotely through the internet using his Smartphone, laptop, Desktop or Tablet.  The consultation occurs through video, audio and chat at the same time. It aims to provide quality healthcare services to patients from the comfort of their homes.  Safe and structured video-based clinical consultations between a doctor in a hospital, and a patient within the confines of his or her home anywhere in the country, have been enabled. It is designed to be extremely simple and easy to use, which requires minimal effort from the users.  The user does not need to pay anything to seek teleconsultation & can simply access the services by visiting https://sehatopd.gov.in, or by using the SeHAT apps available on the Play store & App Stores.

Summits and Conferences News

PM Modi addresses 30th National Commission for Women Foundation Day

Prime Minister Shri Narendra Modi has addressed 30th National Commission for Women Foundation Day programme on January 31, 2022, via video conference. The event was organised to celebrate the achievements of women in different fields. The theme of the programme was ‘She The Change Maker’.  The Prime Minister remarked that today, in changing India, the role of women is continuously expanding. Therefore, he said, the expansion of the role of the National Commission for Women is also the need of the hour. All the women’s commissions of the country will also have to increase their scope and give a new direction to the women of their states.

Science and Technology News

Samsung Surpasses Intel as World's top semiconductor company in 2021

South Korean electronics manufacturing giant, Samsung Electronics surpassed U.S chipmaker Intel to become the world's leading chipmaker by revenue in 2021, according to a report released by research firm Counterpoint Technology Market Research.  While Intel posted relatively flattish results, Samsung took the lead with a strong DRAM and NAND flash market performance in 2021. Samsung also saw solid momentum in logic chips this year.  Memory vendors continued to lead the industry with SK Hynix and Micron taking the third and fourth positions, followed by IC design vendors, including Qualcomm and NVIDIA. The year saw 19% YoY revenue growth.

Awards News

PR Sreejesh wins World Games Athlete of the Year award 2021

Indian men’s hockey player PR Sreejesh has won the World Games Athlete of the Year award for 2021. He is the second Indian after Rani Rampal to win this award. In 2020, Indian women's hockey captain Rani Rampal became the first Indian to win the honour for her performances in 2019.  A total of 24 athletes from 17 countries were nominated for the annual awards based on individual or team performance. Alberto Ginés López of Spain and wushu player Michele Giordano of Italy are the runner-ups. In the FIH Stars Awards in October, Sreejesh was named the goalkeeper of the year for 2021.

 

Sports News

Chennai Super Kings becomes India's First Unicorn Sports Enterprise

Chennai Super Kings (CSK), has become the country’s first sports Unicorn with its market cap having touched a high of Rs 7,600 crores and its share in the grey market trading in the Rs 210-225 price band.  The Mahendra Singh Dhoni-led CSK, which won its fourth IPL title in Dubai last year, now has a market cap more than its parent entity, India Cements. India Cements’ market cap stood at Rs 6,869 crores.  Two key reasons which have led CSK’s market cap to go past its parent entity are the team winning its fourth IPL title in Dubai, and two new franchises being added to the upcoming season at record prices.

 

Who is the youngest and the oldest player in IPL 2022 mega auction final list?

BCCI released the final IPL 2022 mega auction list on Tuesday, with 590 players set to go under the hammer. Afghanistan's left-arm wrist-spin bowler Noor Ahmad, who has played in the BBL, PSL and Lankan Premier League, is the youngest in the list at the age of 17, while 43-year-old South African leg-spinner Imran Tahir is the oldest.

 

Tata Steel Chess 2022: Magnus Carlsen beats Fabiano Caruana

World Champion Grand Master Magnus Carlsen has secured his victory in Wijk Aan Zee (Netherlands) with a round to spare. The world champion defeated GM Fabiano Caruana and now leads the 2022 Tata Steel Chess Tournament by a full point. It was his 8th win, a unique achievement.  Erigaisi Arjun (India) has won the Tata Steel Challengers. By doing so he has earned a spot in the Tata Steel Masters next year. The 85th edition of the Tata Steel Chess Tournament will take place from 13 – 29 January 2023.

Unnati Hooda and Kiran George wins 2022 Odisha Open

Indian teenager Unnati Hooda beat compatriot Smit Toshniwal, 21-18, 21-11, to claim the women’s singles title at the 2022 Odisha Open badminton tournament. The 14-year old Unnati is the youngest Indian to win the tournament.  In men’s singles, India’s 21-year-old Kiran George beat Priyanshu Rajawat 21-15, 14-21, 21-18 to emerge as the winner. The 2022 Odisha Open is a BWF Super 100 tournament, organized at the Jawaharlal Nehru Indoor Stadium, Cuttack, Odisha.

02nd February 2022

International News

INTERNATIONAL

Antonio Costa re-elected as Prime Minister of Portugal

The Prime Minister of Portugal, Antonio Costo has been re-elected after his centre-left Socialist Party secured a landslide victory in the 2022 Portuguese legislative election. Socialist Party bagged 117 seats in the 230 seats Parliament.  Despite predictions of a tight race, the main opposition centre-right PSD party landed 27.8 per cent for 71 seats. Antonio Costo is serving as the 119th Prime Minister of Portugal since 26 November 2015.

North Korea successfully tests fire most powerful Hwasong-12 ballistic missile 

North Korea successfully tested its Hwasong-12 intermediate-range ballistic missile from the Jagang Province area. This was the first nuclear-capable missile testing undertaken by the country since 2017.  The Hwasong-12 has an estimated range of 4,500 km (2,800 miles). North Korea’s series of missile test-fires, including intermediate-range ballistic missiles, pose a direct and serious threat to us and a grave challenge to international peace and stability. The string of launches in 2022 comes at a delicate time in the region, with Kim's sole major ally China set to host the Winter Olympics next month and South Korea gearing up for a presidential election in March.

NATIONAL

Gandhi Mandiram, Smruthi Vanam built at Srikakulam, Andhra Pradesh

Social activists have built a temple for Mahatma Gandhi and freedom fighters’ Smrithi Vanam at the Municipal Park in Srikakulam, Andhra Pradesh to inculcate patriotism among the youth by remembering the sacrifices of freedom fighters. Statues of freedom fighters and social activists were erected in the park with the help of donors.  Mahatma Gandhi statue was unveiled along with Smritivanam on the eve of Mahatma Gandhi’s death anniversary in Srikakulam City. Srikakulam, also called Chicacole, the North Eastern District in AP is known for temple tourism.  After observing the park development, Srikakulam municipal corporation commissioner Obulesh sanctioned Rs 4.60 lakh for the park beautification from the corporation funds.

Punjab Chief Electoral Officer unveiled its mascot named ‘Shera’

Chief Electoral Officer’s office of Punjab unveiled its election mascot, “Shera” (Lion). It aims to increase voter awareness, participation and promote ethical voting in the Punjab Assembly polls that is scheduled on 20 February 2022.  The mascot “Shera”, depicting a lion. It represents the rich cultural heritage of Punjab. It is promoted under the Systematic Voters Education and Electoral Participation (SVEEP) project of the Election Commission of India (ECI). SVEEP project was started in 2009, as the flagship program of the ECI for voter education.

India’s first geological park will be built in Jabalpur, Madhya Pradesh

The first geological park of India will be built in Lamheta, Jabalpur in Madhya Pradesh. Approval for the park was given by the Geological Survey of India, under the ministry of mining.  Park will be constructed with an investment of Rs 35 crores, over five-acre land. The geological park will be built in Lamheta, because this place is among significant places in the world, from the geological point of view.  In 1928, William Henry Sleeman had discovered a Dinosaur fossil from this area. UNESCO has also recognised Lamheta as a geo heritage site. Lameta Formation is also called Infratrappean Beds.  It is a sedimentary geological formation found in Madhya Pradesh, Maharashtra and Gujarat. It is associated with the Deccan Traps. It is of the Maastrichtian age and is known for dinosaur fossils.

Lt Gen GAV Reddy named as new Defence Intelligence Agency Head

Lieutenant General GAV Reddy has been appointed as the new head of the Defence Intelligence Agency. General Reddy would be succeeding Lt Gen KJS Dhillon. Lieutenant General KJS Dhillon retired after serving in various strategic positions during his 39-year career in the Indian Army.  The Director-General of the Defence Intelligence Agency is the head of the organisation and is among the principal advisors on intelligence to the Minister of Defence and the Chief of Defence Staff.  The post of the director general is held on a rotation basis between the three Armed services. The first Director-General of the DIA was Lt Gen Kamal Davar, former director-general of the Indian Army's Mechanised Forces.

Former RBI Governor Urjit Patel quits as Britannia's Additional Director

Former Reserve Bank of India (RBI) governor, Urjit Patel has resigned from the post of non-executive and independent director of Britannia Industries Limited, citing a full-time work assignment starting next month.  He was a part of the Board of the Company. The former governor also confirmed that there was no other reason other than his new project for the resignation.  Patel was recently appointed vice president for investment operations in South Asia at the Beijing-based Asian Infrastructure Investment Bank (AIIB). His appointment is effective from 1 February. As the 24th governor of RBI, Patel had succeeded Raghuram Rajan and served as the governor of RBI from 2016-2018. Prior to that, he was RBI’s deputy governor in charge of monetary policy.

BANKING, BUSINESS AND ECONOMY

SBI tie-up with Tata Power for financing solar projects

State Bank of India (SBI) has launched a dedicated centralized processing cell named ‘Surya Shakti Cell’ with the objective of strengthening the existing financing arrangement for solar power projects. SBI has collaborated with Tata Power Solar Systems Ltd. (a Tata Power Company) for financing solar power projects.  The cell has been set up in the Ballard Estate in Mumbai. The Surya Shakti Cell will process all the loan applications for Solar Projects from across India by Tata Power Solar Systems Ltd., with a maximum capacity of up to 1 MW.  Loan applicants will include both business entities as well as households. The bank aims to provide an end-to-end platform for digital and hassle-free journeys to loan applicants for financing solar projects. With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects.

HPCL launches Non-Fuel Retail Store ‘HaPpyShop’

Hindustan Petroleum Corporation Ltd. (HPCL) has marked its foray into the non-fuel retailing sector by inaugurating its Retail Store under the brand name HaPpyShop, to make available the products of daily need to its customers at their convenience.  The first retail store was launched by HPCL in September 2021 in Mumbai at Company’s Retail Outlet located at Nepean Sea Road.  In addition to this, HPCL has launched the platform in a purely online format by opening the Online Store at Madurai. HPCL is also marketing branded packaged drinking water at its Retail Outlets across the country under the name ‘Paani@Club HP’.

PNB launches co-branded contactless credit cards with Patanjali

Punjab National Bank (PNB) and Patanjali Ayurved Limited (PAL) have launched co-branded contactless credit cards in partnership with the National Payments Corporation of India (NPCI). The co-branded credit cards are offered on NPCI's RuPay Platform and are available in two variants - PNB RuPay Platinum and PNB RuPay Select.  Both the co-branded cards offer a hassle-free credit service to purchase day-to-day Patanjali products, along with cash backs, loyalty points. PNB RuPay Platinum and PNB RuPay Select cardholders will receive a welcome bonus of 300 reward points on activation.

 

Tata Sky Rebrands itself as Tata Play

Tata Sky has dropped the ‘sky’ brand name after 15 years and has rechristened itself as Tata Play. The DTH company has joined hands with Netflix to offer new OTT (over the top) content-centric channel packs as well.  The new name of the company will be visible to the viewers. Tata Play Binge will hosts content from 13 leading OTT apps through a single User Interface while offering the flexibility of a single subscription and payment.  Through the new identity as Tata Play, companies simply aim to signify their expanded range of products and services and their desire to be future-ready while making tomorrow better than today for homes and families. Tata Play was founded in 2006. It is a joint venture between the Tata Sons (60%) and The Walt Disney Company (30%), with Temasek Holdings, Singapore (10%). 

 

CCI penalises MRF, Apollo Tyres & others for indulging in cartelisation

Competition Commission of India (CCI) has imposed a penalty of ₹1,788.06 crore on Apollo Tyres, MRF, CEAT, JK Tyre and Birla Tyres for "indulging in cartelisation". "The tyre manufacturers had exchanged price-sensitive data amongst them through the platform of Automotive Tyre Manufacturers Association (ATMA) and had taken a collective decision on the prices of tyres," CCI said in a statement.

Important Days

World Wetlands Day observed on 02 February

World Wetlands Day is observed every year on February 2 all over the world. 2022 marks 51 years of the Convention on Wetlands. The international theme for World Wetlands Day 2022 is ‘Wetlands Action for People and Nature’.  The day aims to raise awareness about the crucial role played by wetlands for people and our planet. The day is celebrated to mark the date of the adoption of the Convention on Wetlands on February 2, 1971, in the Iranian city of Ramsar on the shores of the Caspian Sea. World Wetlands Day was first celebrated in 1997.

World Interfaith Harmony Week: 1-7 February

World Interfaith Harmony Week is an annual event observed during the first week of February (1-7 February), after General Assembly designation in 2010.  World Interfaith Harmony Week (WIHW), was conceived to promote cultural peace and nonviolence. The World Interfaith Harmony Week is based on the pioneering work of The Common Word initiative.  World Interfaith Harmony Week (WIHW), conceived to promote culture, peace and nonviolence, was first proposed by King Abdullah II of Jordan at the United Nations in 2010.

Obituaries News

Senior advocate & Additional Solicitor General Rupinder Singh Suri passes away

Senior advocate and Additional Solicitor General (ASG), Rupinder Singh Suri has passed away. He was appointed the ASG in June 2020.  He was designated as a senior advocate in 2009 and also served as the President of the Supreme Court Bar Association and the Supreme Court Advocates on Record Association. He served as standing counsel in the Supreme Court for Punjab for about 15 years.

Veteran actor Ramesh Deo passes away aged 93 due to heart attack

Veteran actor Ramesh Deo passed away on Wednesday evening in Mumbai aged 93. His son, director Abhinay Deo said, "He passed away due to heart attack around 8:30 pm tonight at Kokilaben Dhirubhai Ambani Hospital." Ramesh Deo was known for appearing in films like 'Anand', 'Aap Ki Kasam' and 'Mere Apne' among others.

Former Shiv Sena MP Gajanan Babar passes away aged 78

Former Shiv Sena MP and Bharatiya Janata Party (BJP) leader Gajanan Babar passed away on Wednesday in a private hospital. He was 78 years old and is survived by his wife and two sons. Babar was the first MP from the Maval Lok Sabha constituency after it was formed in 2009 and has won the assembly election twice.

 

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