Financial Emergency

Under what circumstances can the Financial Emergency be imposed in India? (UPSC 1987, 3 Marks, )

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Define Financial Emergency. How many times has this been proclaimed so far? (UPSC 1995, 3 Marks, )

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Under what circumstances can the Financial Emergency be proclaimed by the President of India? What consequences follow when such a declaration remains in force? (UPSC 2018, 10 Marks, )

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Introduction
The Financial Emergency is a provision under Article 360 of the Indian Constitution that allows the President of India to proclaim a state of financial emergency in the country. This provision empowers the President to take necessary steps to address a severe financial crisis.
Explanation
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