Article 360 — Provisions as to financial emergency

Provisions as to financial emergency.—(1) If the President is satisfied that a situation has arisen whereby the financial stability or credit of India or of any part of the territory thereof is threatened, he may by a Proclamation make a declaration to that effect. 4 [(2) A Proclamation issued under clause (1)— (a) may be revoked or varied by a subsequent Proclamation; (b) shall be laid before each House of Parliament; ______________________________________________

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