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Can Financial Emergency be impose in India? Know law under which the Center can impose financial emergency

New Delhi: Article 360 of the Constitution of India allows the Central Government to impose Financial Emergency in the country. In the wake of the havoc of Coronavirus, such speculations are being made that using article 360 is an option before the Narendra Modi government. For information, we want to tell that neither Prime Minister nor any senior official of the Central Government (Modi Government) has been told so far that the idea of article 360 is under consideration.

What is Article 360?

A law that allows the President in Parliament to impose financial emergency on the opinion of the Prime Minister and his cabinet. In which the central government, using its powers, gives instructions to the states how to use their financial resources. In addition, this law also allows the central government to modify the salaries of the officials of the states as well as the union territories. Also read- Coronavirus Outbreak In India: Central Government decided to give compensation of Rs 4 lakh to the families of those who died from COVID-19.

“If the President is fully satisfied that there is a danger of financial stability of India or any part of it, he can declare that effect by declaration”, which is in Clause 1 of the law.

If article 360 applied? It will remain in force for the next two months or it can be reduced later by the President’s order. But if it is implemented for more than two months, it needs to be introduced in both houses of Parliament and the support of both houses is mandatory. is.

Speculation of article 360 started when the Indian market saw a big decline. The Sensex slipped 3,934.72 to close at 25,981.24 points.

BJP MP Subramanian Swamy’s tweet-

Senior BJP leader and Rajya Sabha MP Subramanian Swamy gave birth to this discussion on social media on Saturday. In which he questioned whether in view of the impact of COVID-19 on India’s slow economy, it is mandatory to implement economic emergency.

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