A Financial Emergency under Article 360 of the Indian Constitution can be declared by the President of India when a situation arises where the financial stability or credit of India, or any part of its territory, is threatened.
Conditions for Proclamation
Presidential Satisfaction: The President must be satisfied that the nation's economic stability or creditworthiness is in jeopardy.
Cabinet Recommendation: The President exercises this power based on the written recommendation of the Union Cabinet.
Approval and Duration
Parliamentary Approval: Both houses of Parliament must pass the proclamation within two months via a simple majority.
Duration: Once approved, it remains in effect until revoked,
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