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Consider the following statements about the Financial emergency: 1. Article 360 empowers the president to proclaim a Financial Emergency. 2. Once approved by both the Houses of Parliament, the Financial Emergency continues for one year. 3. A resolution approving the proclamation of financial emergency can be passed by either House of Parliament only by a simple majority. Which of the statements given above is/are correct?

Consider the following statements about the Financial emergency: 1. Article 360 empowers the president to proclaim a Financial Emergency. 2. Once approved by both the Houses of Parliament, the Financial Emergency continues for one year. 3. A resolution approving the proclamation of financial emergency can be passed by either House of Parliament only by a simple majority. Which of the statements given above is/are correct? Correct Answer 1 and 3 only

The correct answer is 1 and 3 only.

Important Points

  • FINANCIAL EMERGENCY
  • Article 360 empowers the president to proclaim a Financial Emergency if he is satisfied that a situation has arisen due to which the financial stability or credit of India or any part of its territory is threatened. Hence statement 1 is correct.
    • A proclamation declaring financial emergency must be approved by both the Houses of Parliament within two months from the date of its issue.
    • However, if the proclamation of Financial Emergency is issued at a time when the Lok Sabha has been dissolved or the dissolution of the Lok Sabha takes place during the period of two months without approving the proclamation, then the proclamation survives until 30 days from the first sitting of the Lok Sabha after its reconstitution, provided the Rajya Sabha has in the meantime approved it.
    • Once approved by both the Houses of Parliament, the Financial Emergency continues indefinitely till it is revoked. Hence statement 2 is NOT correct.
  • A resolution approving the proclamation of financial emergency can be passed by either House of Parliament only by a simple majority, that is, a majority of the members of that house present and voting. Hence statement 3 is correct.
  • ​A proclamation of Financial Emergency may be revoked by the president at any time by a subsequent proclamation.
    • Such a proclamation does not require parliamentary approval.

Additional Information

  • Effects of Financial Emergency
    • ​The executive authority of the Centre extends to the giving of
      • directions to any state to observe such canons of financial propriety as may be specified in the directions; and
      • such other directions to any state as the President may deem necessary and adequate for the purpose.
    • Any such direction may include a provision requiring
      • the reduction of salaries and allowances of all or any class of persons serving in the state; and
      • the reservation of all money bills or other financial bills for the consideration of the President after they are passed by the legislature of the state.
    • The President may issue directions for the reduction of salaries and allowances of
      • all or any class of persons serving the Union; and
      • the judges of the Supreme Court and the high court.

Related Questions

What is correct about external emergency as per Article 352? i. It is proclaimed by the President. ii.. It should be approved by Parliament within two months. iii. It should be approved by Parliament within one month. iv. It should be approved by Parliament by simple majority. v. It should be approved by Parliament by 2/3 majority. vi. It can be revoked by simple majority of Parliament. vii. It can be revoked by 2/3 majority of Parliament. viii. It can be approved in joint session of Parliament. 
Which of the following statement/statements is/are not correct?
1. The declaration of National Emergency on the ground of 'Armed Rebellion' was inserted by the Constitutional (42 Amendment) Act, 1976.
2. President shall not issue a proclamation under Clause (1) Article 352 unless the decision of the Union Cabinet (the Prime Minister and his Council of Ministers) is communicated to him in writing.
3. A resolution approving the proclamation of National Emergency must be passed by special majority.
4. A proclamation of Emergency once approved by the Parliament shall remain in force until the emergency ceases.
Select the correct answers:
What is not correct about the removal of the Deputy Chairman of the Rajya Sabha? I. The resolution can be initiated in any House of Parliament. II. The resolution can be moved after a prior notice of fourteen days. III. Signature of 1/4 members of the House is essential to introduce the resolution. IV. The resolution should be passed by the majority of the then members of the House. V. The resolution should be passed by the majority of the present and voting members of the House.
Consider the following statements with reference to President's rule that is imposed under Article 356 of the Constitution. 1. A proclamation imposing President’s Rule must be approved by both the Houses of Parliament within one month from the date of its issue. 2. A proclamation of President’s Rule may be revoked by the President at any time by a subsequent proclamation. 3. It cannot be imposed without the written recommendation of the Governor of the concerned state. Which of the statements given above is/are NOT correct?
Which of the following statements with regard to financial emergency in India is/are correct?
1. It is required to be approved by both the Houses of the Parliament within one month.
2. Once approved by both the Houses of the Parliament, it remains valid for six months.
3. Salary of any government official including the Supreme Court judges can be reduced during financial emergency.
4. During financial emergency, the executive authority of the Union shall extend to the giving of directions to any State to observe such, canons of financial propriety as may be specified in the directions.
Select the correct answer:
Consider the following statement regarding the proclamation of national emergency under Article 352 of the Constitution of India:
1. A proclamation of emergency once approved by Parliament shall remain in force for a period of six month.
2. The satisfaction of the President under Article 352, is the satisfaction of the Union Council of Ministers.
3. While the proclamation is in the operation, the normal life of the Lok Sabha cannot be extended.
4. The freedom given by the Article 19 of the Constitution can be suspended.
Which of the statements given above as correct?
Consider the following statements: 1. Once approved the emergency continues for one year. 2. The proclamation of emergency must be approved by both the houses of parliament within one month from the date of its issue. Which of the above statements are not correct?
Consider the following statements: 1. The President’s Rule can be proclaimed under Article 356 on two grounds - one mentioned in Article 356 itself and another in Article 365. 2. A proclamation imposing President’s Rule must be approved by both the Houses of Parliament within one month from the date of its issue. 3. The President either suspends or dissolves the state legislative assembly. Which of the statements given above is/are correct?
Consider the following statements in respect of financial emergency under Article 360 of the Constitution of India: 1. A proclamation of financial emergency issued shall cease to operate at the expiration of two months, unless, before the expiration of that period , it has been approved by the resolutions of both House of Parliament. 2. Financial Emergency can remain in operation for a maximum period of three years. Which of the statement given above is / are correct?
The houses of eight persons A, B, C, D, E, F, G and H are located in two rows of four houses each. Both rows are facing each other. E's house is between F and G's house. B and H's houses are at corners. B's house is diagonally located to C's house. A's house is facing B's house. Whose house is located between C's and H's house?