Consider the following statements When the financial emergency has been declared by the President un...........

Indian Polity (Easy) Union - Executive, Legisture

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Consider the following statements:

When the financial emergency has been declared by the President under the Article 360, then its proclamation :

May be revoked or varied by a subsequent proclamation
Shall cease to operate at the expiration of two months, unless before the expiration of that period it has been approved by the resolution of both Houses of Parliament

Which of the statements given above is/are correct?

Only1

Only2

Both 1 and2

Neither 1 nor2

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Explanation:

According to Article 360, (1) If the President is satisfied that a situation has arisen whereby the financial stability or credit of India or of any part of the territory thereof is threatened, he may by a Proclamation make a declaration to that effect. 334 (2) A Proclamation issued under clause(1) may be revoked or varied by a subsequent Proclamation;