Top headlines: India's direct taxes may fall, fresh summons for AirAsia CEO

From India's first fall ín direct tax collections in two decades to the latest in Tata-Mistry case, here are today's top headlines

India faces first fall in direct taxes in at least two decades: Report

Prime Minister Narendra Modi's government was targetting direct tax collection of Rs 13.5 trillion ($189 billion) for the year ending March 31 - a 17% increase over the prior fiscal year. However, a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5% growth for this fiscal year - the slowest in 11 years. Read more

ED issues fresh summons to AirAsia CEO, other executives in PMLA case

The Enforcement Directorate (ED) has issued fresh summons to senior executives of AirAsia airlines, including CEO Tony Fernandes, for questioning next month in connection with a money laundering case, officials said on Friday. Read more

SC stays NCLAT order dismissing RoC plea in Tata-Mistry case

The Supreme Court on Friday stayed the National Company Law Appellate Tribunal's order dismissing the Registrar of Companies (RoC) plea seeking modification of its verdict in the Tata-Cyrus Mistry matter. Read more

Banks association asks NPCI to scrap MDR on UPI, RuPay card transactions

The Indian Banks’ Association has written to the National Payments Council of India (NPCI), which enables digital payments and settlements in India, to ask for retrospective application of zero merchant discount rate for Rupay card and Unified Payments Interface (UPI) transactions. Read more

Operations may be impacted due to bank unions' two-day strike: SBI

The country's largest lender SBI on Friday said its operations may be impacted to some extent due the proposed two-day nationwide strike beginning January 31. The bank has however made all arrangements to ensure normal functioning in its branches and offices, the State Bank of India (SBI) said in a filing to the BSE. Read more