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Q: The Financial emergency in the Republic of India can be declared by ____?
  • A. President
  • B. Prime Minister
  • C. Finance Minister
  • D. Governor of Reserve Bank of India
Correct Answer: Option A - Under Article 360, a Financial emergency is declared by the President when the President fully believes that a situation of economic crisis has arisen in the country. Due to which the financial condition or sufficiency of India or any of its regions is endangered. A proclamation of financial emergency must be approved by both the houses of parliament within two months from the date of its issue.
A. Under Article 360, a Financial emergency is declared by the President when the President fully believes that a situation of economic crisis has arisen in the country. Due to which the financial condition or sufficiency of India or any of its regions is endangered. A proclamation of financial emergency must be approved by both the houses of parliament within two months from the date of its issue.

Explanations:

Under Article 360, a Financial emergency is declared by the President when the President fully believes that a situation of economic crisis has arisen in the country. Due to which the financial condition or sufficiency of India or any of its regions is endangered. A proclamation of financial emergency must be approved by both the houses of parliament within two months from the date of its issue.