Which of the following statements are correct with regards to financial emergency under Article 360 ...........

Indian Polity Articles and Schedules

Which of the following statements are correct with regards to financial emergency under Article 360?

1. It has to be ratified within a period of one month by both the houses of parliament

2. It has no fixed duration of extension. Once ratified, it remains enforced till President revokes it

3. President can direct the states to reserve money bills and other financial bills passed by the state legislature for his consideration during a financial emergency

Codes:

All are correct

1 and 2

2 and 3

3 only

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Explanation:

1st statement is incorrect because a proclamation declaring financial emergency must be approved by both the houses of Parliament within two months from the date of its issue.