which article empowers the president to impose financial emergency
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Article 360 empowers the president to impose financial emergency in the country.
President can declare 3 emergencies:
1. National Emergency under article 352
2.State emergency under article 356
3. Financial emergency under article 360
According to , article 360
If the president thinks that there is an economic situation with the financial stability or the credit of India is threatened he can declare a financial emergency.
Financial emergency must be approved by the Parliament within two months. It has never been declared.
In case of a financial emergency, the President can reduce the salaries of all government officials, including judges of the Supreme Court and High Courts. All the money bills passed by the State legislatures are submitted to the President for his approval.
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Hope this will help you...
President can declare 3 emergencies:
1. National Emergency under article 352
2.State emergency under article 356
3. Financial emergency under article 360
According to , article 360
If the president thinks that there is an economic situation with the financial stability or the credit of India is threatened he can declare a financial emergency.
Financial emergency must be approved by the Parliament within two months. It has never been declared.
In case of a financial emergency, the President can reduce the salaries of all government officials, including judges of the Supreme Court and High Courts. All the money bills passed by the State legislatures are submitted to the President for his approval.
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Hope this will help you...
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