Emergency powers of President in case of Financial emergency

Emergency powers of President in case of Financial emergency:

-If the President is satisfied that there is an economic situation in which the financial stability or credit of India is threatened, he/she can then proclaim a financial emergency, as per the Constitutional Article 360.

-Such an emergency must be approved by the Parliament within two months.

-A state of financial emergency remains in force indefinitely until revoked by the President
-The President can reduce the salaries of all government officials, including judges of the Supreme Court and High Courts, in case of a financial emergency.

-All money bills passed by the State legislatures are submitted to the President for approval