। ॥ ३०६ ॥
In plain words
Drop, right now, the idea 'I' that you have pinned onto this thing called the ego - it is nothing but a passing modification, bearing a reflection of your Self, and yet it is exactly what has stolen your rightful place in your own true being. It is because you mistook yourself for that, that all of this - birth, death, old age, sorrow upon sorrow - ever touched you, though underneath it you have always been consciousness itself, made of bliss.
Close to the Sanskrit
In the ego-agent, in which the notion 'I' resides - though it is of the nature of a mere modification, merely reflecting the Self, yet robbing you of your true abiding - abandon at once the notion 'I'. Because of superimposition upon this [ego-agent], this saṃsāra, full of birth, death, old age, and abounding in suffering, has befallen you, who are in truth the very form of consciousness, whose nature is bliss.