diff --git a/Include/patchlevel.h b/Include/patchlevel.h
index 0839071c766..bb10ae660aa 100644
--- a/Include/patchlevel.h
+++ b/Include/patchlevel.h
@@ -18,12 +18,12 @@
 /*--start constants--*/
 #define PY_MAJOR_VERSION	3
 #define PY_MINOR_VERSION	2
-#define PY_MICRO_VERSION	3
-#define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_FINAL
-#define PY_RELEASE_SERIAL	0
+#define PY_MICRO_VERSION	4
+#define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_GAMMA
+#define PY_RELEASE_SERIAL	1
 
 /* Version as a string */
-#define PY_VERSION      	"3.2.3+"
+#define PY_VERSION      	"3.2.4rc1"
 /*--end constants--*/
 
 /* Subversion Revision number of this file (not of the repository). Empty
diff --git a/Lib/distutils/__init__.py b/Lib/distutils/__init__.py
index b52a9fe6c40..834d89671be 100644
--- a/Lib/distutils/__init__.py
+++ b/Lib/distutils/__init__.py
@@ -13,5 +13,5 @@ used from a setup script as
 # Updated automatically by the Python release process.
 #
 #--start constants--
-__version__ = "3.2.3"
+__version__ = "3.2.4rc1"
 #--end constants--
diff --git a/Lib/idlelib/idlever.py b/Lib/idlelib/idlever.py
index 17455dbeee0..00af62d3c8a 100644
--- a/Lib/idlelib/idlever.py
+++ b/Lib/idlelib/idlever.py
@@ -1 +1 @@
-IDLE_VERSION = "3.2.3"
+IDLE_VERSION = "3.2.4rc1"
diff --git a/Misc/NEWS b/Misc/NEWS
index 6a36c3a0a53..b839a697c41 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -2,10 +2,10 @@
 Python News
 +++++++++++
 
-What's New in Python 3.2.4
-==========================
+What's New in Python 3.2.4 release candidate 1?
+===============================================
 
-*Release date: XX-XX-XXXX*
+*Release date: 24-Mar-2013*
 
 Core and Builtins
 -----------------
diff --git a/Misc/RPM/python-3.2.spec b/Misc/RPM/python-3.2.spec
index 18f3e77aece..6cfb9831830 100644
--- a/Misc/RPM/python-3.2.spec
+++ b/Misc/RPM/python-3.2.spec
@@ -39,7 +39,7 @@
 
 %define name python
 #--start constants--
-%define version 3.2.3
+%define version 3.2.4rc1
 %define libvers 3.2
 #--end constants--
 %define release 1pydotorg
diff --git a/README b/README
index b13806b899e..7a3aa263eca 100644
--- a/README
+++ b/README
@@ -1,8 +1,8 @@
-This is Python version 3.2.3
-============================
+This is Python version 3.2.4 release candidate 1
+================================================
 
 Copyright (c) 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011,
-2012 Python Software Foundation.  All rights reserved.
+2012, 2013 Python Software Foundation.  All rights reserved.
 
 Python 3.x is a new version of the language, which is incompatible with the 2.x
 line of releases.  The language is mostly the same, but many details, especially