Consider the following statements about Financial Emergency 1 It must be approved by both the Houses...........

Indian Polity Emergency

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Consider the following statements about Financial Emergency

1.It must be approved by both the Houses of Parliament within two months from the date of its issue.

2.It may be proclaimed only if the financial stability of whole of India and not merely a part of it is threatened.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1 only

The statement "It must be approved by both the Houses of Parliament within two months from the date of its issue" is correct. According to Article 360 of the Indian Constitution, a proclamation of Financial Emergency must be approved by both Houses of Parliament within two months from the date of its issue.

The statement "It may be proclaimed only if the financial stability of the whole of India and not merely a part of it is threatened" is incorrect. A Financial Emergency may be proclaimed if the financial stability or credit of India or any part of its territory is threatened, not necessarily the whole of India.

Therefore, only statement 1 is correct.