With regard to Financial emergency consider the following statements 1 A resolution approving the pr...........

Indian Polity Emergency

With regard to Financial emergency, consider the following statements

1. A resolution approving the proclamation of financial emergency can be passed by Parliament only by a simple majority.

2. Financial Emergency continues indefinitely till it is revoked.

Which of the above statement[s] is/are correct?

1 only

2 only

Both

None

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Explanation:

A proclamation declaring financial emergency must be approved by both the Houses of Parliament within two months from the date of its issue. However, if the proclamation of Financial Emergency is issued at a time when the Lok Sabha has been dissolved or the dissolution of the Lok Sabha takes place during the period of two months without approving the proclamation, then the proclamation survives until 30 days from the first sitting of the Lok Sabha after its reconstitution, provided the Rajya Sabha has in the meantime approved it.