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What is the usefulness of this new item?

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OpenERP modules keeps version number. If any version of modules has been updated or changed, then it will be listed here. You can check by changing module version of any installed module from __openerp__.py and restart server. Then see this menu, now it will show this module.

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No matter what I put in the version field in the __operrp__.py JSON field, when I click on the module, it shows the version as 7.0.1.9 - which looks like the OE version?