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Financial Emergency | General Awareness & Knowledge - Bank Exams PDF Download
- Under Article 360, if the there is enough evidence to show that the financial status of the country is threatened, the President can declare an emergency. It remains enforced till he/she removes it. Salaries of different government officials can be reduced and all money bills require the President’s signature.
- The President consults the cabinet ministers if any of the above situations arise and by the powers vested to him/her by Part XVIII (emergency provisions) of the constitution, he/she can remove many constitutional provisions such as some of the fundamental rights. Powers of the state governments are also reduced.
- The Financial Emergency took place three times.
S.No | Year | Prime Minister | Details |
1 | 1946 | N.Sundaresan - Financial Minister | The government announced demonetization of denominations above Rs.1000 with effect from 12th January 1946 and gave little time for exchange too. As the notes were accounted only to 3% of the India’s population, it didn’t affect normal life to an extent. The crown princes were exempted from the same and only 40% of today’s India-Pakistan-Bangladesh was in effect, of the demonetization (by area directly controlled by the British) |
2 | 1978 | Morarji Desai | Morarji Desai announced the currency ban taking Rs 1000, Rs 5000 and Rs 10,000 out of circulation. The sole aim of the ban was to curb black money generation in the country. |
3 | 2016 | Narendra Modi | To eliminate fake currency and dodgy funds which have been used by terror groups to fund terrorism in India. The move is estimated to scoop out more than more than Rs 5 lakh crore black money from the economy. Rs. 500, Rs. 1000 were demonetized |
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FAQs on Financial Emergency - General Awareness & Knowledge - Bank Exams
| 1. What is a financial emergency? |  |
Ans. A financial emergency refers to a sudden and unexpected situation that requires immediate financial attention. It could be an unforeseen expense, such as a medical bill or a car repair, that disrupts an individual's or a family's financial stability.
| 2. How can I prepare for a financial emergency? | |
Ans. To prepare for a financial emergency, it is important to establish an emergency fund by setting aside a portion of your income regularly. Aim to save three to six months' worth of living expenses in this fund. Additionally, review your insurance coverage, create a budget, and reduce unnecessary expenses to strengthen your financial resilience.
| 3. What are some common causes of financial emergencies? | |
Ans. Financial emergencies can arise from various situations, including job loss, unexpected medical expenses, natural disasters, car accidents, or major home repairs. Other possible causes may include divorce, legal issues, or identity theft, all of which can lead to significant financial strain.
| 4. What steps should I take during a financial emergency? | |
Ans. When facing a financial emergency, it is crucial to stay calm and assess the situation. Prioritize your expenses, focusing on essential needs such as housing, food, and healthcare. Communicate with creditors or service providers to explain your situation and explore possible payment plans or assistance programs. Consider seeking professional financial advice if necessary.
| 5. How can I avoid going into debt during a financial emergency? | |
Ans. To avoid going into debt during a financial emergency, explore all available options before borrowing money. Utilize your emergency fund, if you have one, and consider alternative sources of income, such as part-time work or selling unwanted belongings. If borrowing becomes necessary, research and compare different loan options to find the most favorable terms, and borrow only what you absolutely need to minimize the long-term financial impact.
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