As of July 2019, how many times has financial emergency been imposed in India?

Key Points

• As of July 2019, no financial emergency has been declared in India.
• The provision for a financial emergency is described under Article 360 of the Indian Constitution.
• A financial emergency can be declared by the President of India if he/she believes that the financial stability or credit of India or any part of its territory is threatened.
• During a financial emergency, the executive authority of the Union extends to giving directions to any state to observe certain specified financial proprieties.

Important Points

• The President can declare a financial emergency only after the proclamation is approved by both the Houses of Parliament within two months from the date of its issue.
• Once approved by Parliament, the financial emergency continues indefinitely until revoked by the President.