RRB RPF RPSF SI and CONS Model Papers 8 with solutions

(4) Article 360 empowers the president to proclaim a Financial Emergency if he is satisfied that a situation has arisen due to which the financial stability or credit of India or any part of its territory is threatened. Once approved by both the Houses of Parliament, the Financial Emergency continues indefinitely till it is revoked.
This implies two things:
● there is no maximum period prescribed for its operation; and
● repeated parliamentary approval is not required for its continuation