Question : A financial emergency can be declared by applying
Option 1: Article 360
Option 2: Article 361
Option 3: Article 370
Option 4: Article 371
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Correct Answer: Article 360
Solution : The correct answer is Article 360 .
The emergency provisions in the Indian Constitution draw inspiration from the Weimar Constitution. These provisions are outlined in Article 352 to Article 360. Article 352 pertains to national emergencies; Article 356 addresses state emergencies or President's Rule; and Article 360 deals with financial emergencies. Article 360 grants the President the authority to declare a financial emergency when he deems that the circumstances pose a threat to the financial stability or credit of India or any of its regions.
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