What powers does the President have in relation to financial emergencies under Article 360?
Under Article 360, if the President is satisfied that a situation has arisen whereby the financial stability or credit of India or any part of its territory is threatened, he may issue a Proclamation declaring a financial emergency. During the period of financial emergency, the executive authority of the Union extends to giving directions to any State to observe specified financial propriety and any other necessary directions. The President can also issue directions for the reduction of salaries and allowances of persons serving in connection with the affairs of the Union, including the Judges of the Supreme Court and High Courts.