FINANCIAL EMERGENCY

 UPSC GS MAINS IMPORTANT QUESTIONS

Under what circumstances can the Financial Emergency be proclaimed by the president of India? What consequences follow when such a declaration remains in force?

The president of India can proclaim Financial Emergency under Article 360 of the constitution if he is satisfied that a situation has arisen where the financial stability of India or a part of its territory thereof is threatened. Such an emergency ceases to be in operation within two months of its proclamation unless it is approved by both the houses of the parliament by simple majority.

During the financial emergency the executive authority of Union gives finance related decisions to the states. Centre can ask states to observe canons of financial propriety. It can direct that money bills or finance bills should need President's assent. There are other affects which cam also occur during the proclamation of financial emergency.

The president may ask the states to reduce the salaries and allowances for all or any class of persons in government service including the judges of SC and HCs.

The president may ask the states to reserve all the money bills for the consideration of Parliament after they have passed by state legislature.

The satisfaction of President in proclamation of financial emergency is subjected to judicial review. During such emergency, the financial machinery throughout the state can be held by union government irrespective of majority and mandate enjoyed by the state government . In India financial emergency has not been proclaimed even for once. It is a very rarely used safety measure enshrined in our constitution.



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