Q.

In India, how many times has the President declared Financial Emergency?

A. Once
B. Never
C. Thrice
D. Twice
Answer» B. Never
Explanation: No Financial Emergency has been declared so far, though there was a financial crisis in 1991. Article 360 empowers the president to proclaim a Financial Emergency if he is satisfied that a situation has arisen due to which the financial stability or credit of India or any part of its territory is threatened.
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