Question

Under what circumstances can the financial emergency be proclaimed by the president of india? What consequences follow when such a declaration remains in force?

Answer 1

1) when there is a financial threat.

2) when there is a war threat.

3) when there is civil war like condition in the country.

Answer 2

Article 352 - external war threat
Article 356 - Turmoil in any state
Article 360 - financial threat.

It is proclaimed by president and needs approval of Parliament within one months.
Maximum time emergency issued in Punjab State.
Financial emergency has not been issued so far.