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Under Article 360, the President can proclaim a Financial Emergency if satisfied that financial stability/credit of India is threatened. Such proclamation must be approved by Parliament within ______ months, and enables Union to give directions to States on financial matters.
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Answer: 2
Article 360 Financial Emergency provisions: (a) Constitutional text: President may proclaim Financial Emergency if satisfied that financial stability/credit of India/threatened, (b) Procedural safeguards: (i) Parliamentary approval within 2 months by simple majority, (ii) Emergency continues indefinitely unless revoked, but subject to Parliamentary review every 6 months, (c) Powers during Financial Emergency: (i) Union can give directions to States on financial matters (salary reductions, reservation of money Bills, etc.), (ii) President can reduce salaries of constitutional functionaries (Judges, CAG, etc.), (iii) Money Bills reserved for Presidential consideration, (d) Historical application: Never invoked in Indian constitutional history, reflecting fiscal prudence, federal balance, (e) Federal impact: Temporary enhancement of Union's financial control over States to address national crisis, but reversible post-Emergency, (f) Illustrates calibrated fiscal federalism: Enabling coordinated response to financial crisis while preserving State autonomy through time limits, Parliamentary oversight, judicial review.