Lawstreet Journal

[Analysis]: Can Financial Emergency Be Declared In India Given The Ongoing Nationwide Crises Due To COVID-19?

Lawstreet Journal 24 Mar 2020 9:33pm

Image courtesy: Lawstreet Journal Executive [Analysis]: Can Financial Emergency Be Declared In India Given The Ongoing Nationwide Crises Due To COVID-19?

The situation that the country is experiencing when it comes to economic and financial stability, things are seen to be treading on a tough path as observed since quite some time.

The ongoing critical situation amid several lockdowns and curfews our nation is heading towards, makes one wonder if it is the time wherein a situation might arise that will provoke the Government to declare a financial emergency. 

So what is a Financial Emergency under Article 360? 

A financial emergency is likely declared in a country when the financial stability in India or any part of the state is in acute danger and the President feels that it is the right choice to declare an emergency.

He can do so by means of proclamation under Article 360 of the Constitution.

Proclamation issued in this regard, if at all issued by the President of India: 

(a) will be laid before each House of Parliament;

(b) shall cease to operate at the expiration of two months, unless before the expiration of that period it has been approved by resolutions of both Houses of Parliament.

Such a proclamation has to be approved by a simple majority in both houses. If Lok Sabha is dissolved, then the Rajya Sabha can approve it but Lok Sabha has to approve it too within 30 days of first sitting after its been reconstituted. If it gets approved by both the houses then the Financial Emergency can operate as long as the circumstance requests and might be repudiated by a subsequent proclamation… Continue Reading...

Tagged: corona updates  
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