# Money laundering act

• The supreme Court on Wednesday upheld the core amendments made to the prevention of money laundering act, which gives the government and Enforcement Directorate powers of summons, arrests and raids and makes bails nearly impossible.
• In this act, the burden of proof of innocence is on the accused instead of the prosecution.
• The top Court called the PMLA a law against the “scourge of money laundering” and not a hatchet wielding against rival politicians and dissenters.
• The verdict came on an extensive challenge raised against the amendments introduced to the 2002 act by way of finance acts.
• The three judges bench said the method of introduction of the amendments through money bills would be separately examined by a larger bench of the top court.

# BSNL

• In yet another effort to turnaround the state owned telecom firm, Bharat sanchar nigam limited (BSNL), the Union cabinet on Wednesday approved a ₹1.64 lakh crore package for its revival.
• The package has a cash component of ₹43964 crore and a non cash component of 1.2 lakh crore spread over four years.
• The package will include administrative allotment of 4G spectrum worth ₹44993 crore.
• In addition, Bharat broadband network limited (BBNL), that was set up to implement the ambitious Bharatnet project, will be merged with BSNL.

# Google Street view

• Google on Wednesday announced the launch of its popular ‘street view’ feature in India – after failing to bring the experience to India at least twice in the past decade, following security concerns raised by government agencies over collection of data.
• For the launch this time, Google has partnered with two Indian firms – mapping solutions provider Genesys international and tech mahindra.
• Under the national geospatial policy, 2021, local companies can collect such data and foreign firms can license the data from Indian entities to serve their customers in the country.

# US inflation

• The US federal Reserve on Wednesday again raised the benchmark interest rate by three quarters of a percentage points in its battle to tamp down raging price pressures that are squeezing American families.
• It was the second straight 75 basis point increase and fourth rate hike this year.