Lawstreet Journal

An Emergency Likely To Be Declared By Prime Minister Under Article 360

Lawstreet Journal 24 Mar 2020 6:33pm

Image courtesy: Lawstreet Journal Executive An Emergency Likely To Be Declared By Prime Minister Under Article 360

An emergency under Article 360 of the Constitution of India is likely to be declared for imposing a nationwide financial emergency in India. 

What is a Financial Emergency under Article 360? 

Article 370 states that if a situation has arisen wherein the financial stability or credibility of India is threatened, the President may declare a state of financial emergency. During this period, the executive authority of the union extends in giving directions to the state to observe the canons of financial propriety as specified in the directions laid down and further to which they may include: 

A reduction in the salaries and allowances of all or any class of person serving for the state or the union may entail. A provision that requires the money bills and financial bills to be reserved for the President's consideration after having been passed by the legislative assembly of the state. 

The proclamation issued under this article will remain in force for two months unless before the expiry it gets approved by both the Houses of the parliament to decide otherwise. Once approved, it will remain in force till revoked by the President. 

No emergency under Article 360 has been declared till date. 

It has been seen that the country is going through one of the worst financial crises in its 72 years of history. The growth GDP has reduced drastically and has been further reduced because of the corona pandemic raging in. 

Putting down how the economy is falling to its worst downturn: 

1. The reserve bank… Continue Reading...

Tagged: corona updates  
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