Q. Consider the following statements related to financial emergency in India:
1. In the constitution, no maximum period is prescribed for its operation.
2. Parliamentary approval is required after every six months for continuation of financial emergency.
3. A proclamation of Financial Emergency may be revoked by the President at any time by a subsequent proclamation.
How many of the above given statements is/ are correct?
Answer: B
Notes:
Exp) Option b is the correct answer.
Statement 1 is correct: Article 360 empowers the president to proclaim a Financial Emergency. As per Article 360, no maximum period is prescribed for financial emergency to continue.
Statement 2 is incorrect: As per Article 360, repeated parliamentary approval is not required for continuation of financial emergency which means once approved, financial emergency continues indefinitely till it is revoked.
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.
