The correct answer is D. No maximum period.
A financial emergency can be proclaimed by the President of India if he is satisfied that a grave financial emergency exists whereby the financial stability or credit of India is threatened. The proclamation
of a financial emergency has the effect of suspending the right to move any court for the enforcement of any of the fundamental rights guaranteed by Part III of the Constitution.The President can revoke the proclamation of a financial emergency at any time. However, the proclamation of a financial emergency can continue for a period of one year from the date of its commencement, unless it is approved by both Houses of Parliament within that period. If the proclamation is approved by both Houses of Parliament, it can continue for
a further period of one year, and so on.In other words, there is no maximum period for which a financial emergency can be proclaimed. However, the President must obtain the approval of both Houses of Parliament every year for the continuation of the financial emergency.