Mention any four effects of the Financial Emergency proclaimed by President.
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Explanation:
Effects of Financial Emergency
1. During the financial emergency, the executive authority of the Center expands and it can give financial orders to any state according to its own.
2. All money bills or other financial bills, that come up for the President's consideration after being passed by the state legislature, can be reserved.
3. Salaries and allowances of all or any class of persons serving in the state can be reduced. Telangana government has decided to cut the salary of its employees ranging from 10% to 75%. While there will be a 50% cut in the salary of all the pensioners in the state.
4. The President may issue directions for the reduction of salaries and allowances of;
(i) All or any class of persons serving the Union and
(ii) The judges of the Supreme Court and the High Court
Recently, all the Members of Parliament including the President, the Vice President, and the State Governors have decided to accept a 30% pay cut for the next year.
Thus, during the operation of a financial emergency, the Center gets full control over states in financial matters, which is a threat to the state's financial sovereignty.
Some critics say that provisions of financial emergency pose a serious threat to the financial autonomy of the states that is against the federal structure of the country.
Earlier, a serious financial crisis had arisen in India in 1991, but even then a Financial Emergency was not announced. Therefore, even at this time, the government should make a conscious decision in this regard, although the whole country stands together with the government to deal with any situation due to the COVID-19 pandemic.
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