---
title: "Article 360: Financial Emergency in India | Model Diplomat"
description: "Article 360 allows India's President to declare a financial emergency to safeguard national credit, a power not used since 1950."
url: "https://modeldiplomat.com/learn/glossary/article-360-financial-emergency"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- Article 360 of the Indian Constitution empowers the President to proclaim a financial emergency if the financial stability or credit of India or any part of its territory is threatened.
- Has Article 360 ever been invoked in India?
- What majority does Parliament need to approve a financial emergency?
- Can judicial salaries be reduced during a financial emergency?
- How long can a financial emergency remain in force?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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During the 1991 balance-of-payments crisis, when India's reserves covered barely two weeks of imports and the government pledged gold abroad, the P.V. Narasimha Rao administration chose IMF-backed liberalisation over invoking Article 360.

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