Discussion
Which of the following about financial emergency is INCORRECT?
Answer: D
The incorrect statement is that a financial emergency is proclaimed under Article 356. Article 356 provides for the failure of the constitutional machinery in a State, the President's rule. A financial emergency is proclaimed under Article 360 if the financial stability or credit of India or part of it is threatened.
The other statements are right: the President proclaims it, the Union gets the power to direct States to follow canons of financial propriety, and the President may direct the reduction of salaries of persons serving the Union and the States, including judges.
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