Financial Emergency can be declared by applying- A. Article-360 B. Article-361 C. Artilce-370 D. Article-371

The correct answer is: A. Article-360

Article 360 of the Indian Constitution provides for the proclamation of a financial emergency by the President of India. A financial emergency can be declared if the President is satisfied that a grave financial emergency exists whereby the financial stability or credit of India is threatened.

When a financial emergency is declared, the President can take certain special powers, such as:

• Taking control of the Reserve Bank of India
• Imposing restrictions on the transfer of money out of India
• Imposing restrictions on
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  the borrowing of money by the government
• Imposing restrictions on the expenditure of the government

A financial emergency can be revoked by the President at any time.

Article 361 of the Indian Constitution provides for the protection of the President, Vice-President, Governors, and certain other high officials from legal proceedings. Article 370

of the Indian Constitution provides for a special status to the state of Jammu and Kashmir. Article 371 of the Indian Constitution provides for special provisions for certain other states, such as Assam, Nagaland, and Manipur.