What do you mean by financial emergency?

In case India undergoes a severe financial crisis, the President may declare a situation of financial emergency under Article 360 of the constitution.

What is the financial emergency article in India?

The article in the constitution of India that provides for a case of financial emergency in the nation is Article 360. Once imposed by the President, the two houses of the Parliament must approve it within two months.

What is Meant by Financial Emergency?

By Shubhra Anand Jain|Updated : July 13th, 2022

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Article 360 of the Indian constitution states the conditions under which the President can declare a financial emergency in the nation. As per this article, a financial emergency can officially be declared under the following conditions -

When the President is sure that the financial stability of the nation (or a part of the nation) is under threat.
When both the houses of the Parliament approve the President’s statement within a duration of two months.

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Define the Term Financial Emergency?

In case a financial crisis arises in the nation, the President shall impose a financial emergency, as under Article 360 of the Indian constitution. Once approved by both the Parliament houses, this imposition can stay for as long as the situation demands.

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FAQ's on What is Meant by Financial Emergency?

What do you mean by financial emergency?
In case India undergoes a severe financial crisis, the President may declare a situation of financial emergency under Article 360 of the constitution.
What is the financial emergency article in India?
The article in the constitution of India that provides for a case of financial emergency in the nation is Article 360. Once imposed by the President, the two houses of the Parliament must approve it within two months.

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