With reference to financial emergency consider the following statements 1 A resolution approving the...........

Indian Polity Emergency

With reference to financial emergency, consider the following statements:

1. A resolution approving the proclamation of Financial Emergency can be passed by either House of Parliament by a simple majority. 2. Once approved, Financial Emergency continues for six months unless it is extended by the Parliament.

3. Financial Emergency was declared during the balance of payments crisis of 1991.

Which of the statements given above is/are correct?

1 only

1 and 2 only

2 and 3 only

1 and 3 only

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Explanation:

Statement 1 is correct. A resolution approving the proclamation of financial emergency can be passed by either House of Parliament by a simple majority.
Statement 2 is incorrect. Financial emergency remains in force indefinitely until revoked. Parliamentary approval is not required for its continuation.
Statement 3 is incorrect. Financial emergency has never been imposed in India till now.