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Financial Emergency has never been imposed in India to date. • Article 360 of Constitution of India empowers the president to proclaim a financial emergency on the following ground: • If the president is satisfied that a situation has arisen due to which financial stability or credibility of India is threatened or in danger. • The 38th Constitutional Amendment Act 1975 made the satisfaction of the president in declaring a financial emergency final and conclusive. • The satisfaction of the president is held up in any court on any ground. • However 44th Constitutional Amendment Act 1978 deleted this provision. This means the satisfaction of the president is under Judicial review. • The President may issue directions for the reduction of salaries and allowances the judges of the Supreme Court and the High Courts and of all or any class of persons serving the Union. • Till now, the Financial Emergency has never been invoked in India.
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