📜 Official Text

(1) If the President is satisfied India's (or part of its) financial stability/credit is threatened, the President may proclaim a Financial Emergency. (2) It can be revoked/varied, must be laid before Parliament, and lapses after 2 months unless approved by both Houses (with special Lok Sabha-dissolution rules) - once approved, it continues until revoked (no fixed further renewal cycle is specified in the text shown here). (3) During it, the Union can direct states on financial propriety and other necessary matters. (4) Such directions may include reducing salaries/allowances of state (or, for the President's own separate directions, Union) government personnel - including judges of the Supreme Court and High Courts - and requiring state Money Bills to be reserved for the President's consideration.