diff --git a/gradle.properties b/gradle.properties
index cbf7f21f..96d537bd 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -22,8 +22,8 @@ gradleGitPluginVersion=1.7.2
 findbugsVersion=3.0.1
 
 # Version and base tags can be overridden at build time.
-connectorVersion=0.3.1-SNAPSHOT
-pravegaVersion=0.3.0
+connectorVersion=0.3.1
+pravegaVersion=0.3.1
 apacheCommonsVersion=3.7
 
 # flag to indicate if Pravega sub-module should be used instead of the version defined in 'pravegaVersion'
diff --git a/pravega b/pravega
index d460c15b..3e49d003 160000
--- a/pravega
+++ b/pravega
@@ -1 +1 @@
-Subproject commit d460c15bb625296567d3ca22fc2d05a6a6ebae3a
+Subproject commit 3e49d003c1fca1045248ee56b94edf7b86c6f2ae