Financial Emergency is provided in: 

The correct answer is Article 360.

Key Points

• Article 360 of the Indian Constitution grants the President of India the authority to declare a Financial Emergency.
• A Financial Emergency can be declared if the President believes that the financial stability or credit of India or any part of its territory is threatened.
• During a Financial Emergency, the executive authority of the Union extends to giving directions to any state to observe financial propriety.
• All money bills or other financial bills passed by the state legislatures can be reserved for the President's consideration.
• The President can also issue directions for the reduction of salaries and allowances of all or any class of persons serving in connection with the affairs of the Union, including judges of the Supreme Court and the High Courts.

Additional Information

• Article 352:
  • Deals with the declaration of a National Emergency in the case of war, external aggression, or armed rebellion.
  • During a National Emergency, the federal structure of the Constitution can be altered to become unitary.
• Article 356:
  • Provides for State Emergency or President's Rule in any state where the constitutional machinery has failed.
  • During President's Rule, the President can assume to himself all or any of the functions of the state government.
• Article 370:
  • Granted special autonomous status to the state of Jammu and Kashmir.
  • Article 370 was abrogated on 5th August 2019, effectively making Jammu and Kashmir a Union Territory.
• Financial Emergency:
  • Has never been declared in India as of October 2023.
  • It is considered the most extreme measure to ensure the financial stability of the country.