The provision of Financial Emergency in India has been considered as the Power of the President of the country and the base of article 360 is the satisfaction of the president of India in terms that the financial stability or credit of India or any part of the Territory is threatened.
Overview
In theIndian constitution, there have been described three types of Emergency. Those are-
- National Emergency as given under article 352.
- State Emergency or President’s Rule given under article 356.
- Financial Emergency gave the article of 360 of Indian constitution.
The Financial emergency in India has not been imposed till today, besides many ups and downs. But instead, the National Emergency in the country has been imposed thrice.
Article 360 or Financial Emergency
Section 1 of the article tells about the provision which has the emergency power and it belongs to the President if President is satisfied that a situation has arisen whereby the financial stability or credit of India or any part of the territory thereof is threatened, he may be a proclamation make a declaration to the effect.
Also the authority to declare such an Emergency was vested in the President of India and also it was given a special exemption from the judicial review. But after the 44th amendment 1978also known as the corrective amendment has given the power to the top court of India to review the declaration of Financial Emergency.
Within the two months of its issuance, this declaration of emergency has to be passed by both the houses of the parliament that is the Lok Sabha and the Rajya Sabha. If the Lok Sabha has resolved in any condition and the Rajya Sabha has passed the declaration then the Lok Sabha has to be given its ascent within the 30 days of its reconstitution
