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Could you please inform me about the grammatical explanation (and actual meaning) for the usage "of" when it is used in the sentences such as "It is of importance.".

Thanks
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Ellipsis again, I'm afraid. It's short for "It is [a matter] of importance". In this context, "of" has its normal meaning. (Or at least, one of its normal meanings.)

Rommie
Comments  
How about

eg. I am of service to youEmotion: smile