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With reference to Financial Emergency in India, consider the following statements:
1. It can be proclaimed by the President of India under Article 360 of the Constitution.
2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.
3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.
Which of the above statements is/are correct?
- a)1 only
- b)2 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to Financial Emergency in India, consider the following...
- Article 360 empowers the president to proclaim a Financial Emergency if he is satisfied that a situation has arisen due to which the financial stability or credit of India or any part of its territory is threatened. Hence, statement 1 is correct.
- A proclamation declaring financial emergency must be approved by both the Houses of Parliament within two months from the date of its issue.
- Once approved by both the houses of Parliament, the Financial Emergency continues indefinitely till it is revoked. Hence, statement 2 is not correct.
- Effects of Financial Emergency:
- Extension of the executive authority of the Union over the financial matters of the States.
- Reduction of salaries and allowances of all or any class of persons serving in the State.
- Reservation of all money bills or other financial bills for the consideration of the President after they are passed by the legislature of the State. Hence, statement 3 is correct.
Most Upvoted Answer
With reference to Financial Emergency in India, consider the following...
Financial Emergency in India
Financial Emergency is a provision under Article 360 of the Indian Constitution, which empowers the President of India to proclaim a state of financial emergency if he/she is satisfied that the financial stability or credit of the country or any part thereof is threatened. Let's analyze the given statements:
1. It can be proclaimed by the President of India under Article 360 of the Constitution.
This statement is correct. The President of India has the authority to proclaim a financial emergency if he/she believes that the financial stability or credit of the country is at risk. This provision is aimed at ensuring economic stability during times of crisis.
2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.
This statement is incorrect. Unlike a national emergency (proclaimed under Article 352), a financial emergency does not require parliamentary approval within one month. However, the proclamation of financial emergency remains in force until it is revoked by the President.
3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.
This statement is correct. When a financial emergency is in force, the President can direct that all money bills or other financial bills passed by the state legislature should be reserved for the consideration of the President. This means that the President can scrutinize the financial decisions of the state legislature during the emergency period.
Therefore, the correct answer is option 'C' - 1 and 3 only. The President can proclaim a financial emergency under Article 360, and during this period, he/she can reserve all money bills of the state legislature for the consideration of the President. It is important to note that a financial emergency has been proclaimed only once in the history of India, during the 1991 economic crisis.
Financial Emergency is a provision under Article 360 of the Indian Constitution, which empowers the President of India to proclaim a state of financial emergency if he/she is satisfied that the financial stability or credit of the country or any part thereof is threatened. Let's analyze the given statements:
1. It can be proclaimed by the President of India under Article 360 of the Constitution.
This statement is correct. The President of India has the authority to proclaim a financial emergency if he/she believes that the financial stability or credit of the country is at risk. This provision is aimed at ensuring economic stability during times of crisis.
2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.
This statement is incorrect. Unlike a national emergency (proclaimed under Article 352), a financial emergency does not require parliamentary approval within one month. However, the proclamation of financial emergency remains in force until it is revoked by the President.
3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.
This statement is correct. When a financial emergency is in force, the President can direct that all money bills or other financial bills passed by the state legislature should be reserved for the consideration of the President. This means that the President can scrutinize the financial decisions of the state legislature during the emergency period.
Therefore, the correct answer is option 'C' - 1 and 3 only. The President can proclaim a financial emergency under Article 360, and during this period, he/she can reserve all money bills of the state legislature for the consideration of the President. It is important to note that a financial emergency has been proclaimed only once in the history of India, during the 1991 economic crisis.
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With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Financial Emergency in India, consider the following statements:1. It can be proclaimed by the President of India under Article 360 of the Constitution.2. It has to be approved by both the Houses of Parliament within one month of the date of its issue.3. Under this, all money bills of the state legislature can be reserved for the consideration of the President.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
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