Explanation:

- The President of India can issue a proclamation of financial emergency under Article 360 of the Constitution.

- At the first instance, the financial emergency remains in force for two months from the date of issue unless approved by both Houses of Parliament.

- Here’s what the options mean:

- Option 1: Fifteen days Not correct; this is not mentioned in the Constitution.

- Option 2: Two months Correct. The initial period is two months.

- Option 3: One month Not correct; this is not the specified period.

- Option 4: Six months Not correct; six months applies to some other emergencies, not financial emergency.

- In summary, the first instance duration is two months for financial emergency.

Option:2- Two months