Consider the following statements about Financial Emergency:

  1. It can be continued for maximum period of 3 years
  2. Proclamation of Financial Emergency can be revoked by the President at anytime without Parliamentary approval

Which of the above statements is/are correct?

Answer: [B] 2 Only

First statement is incorrect because there is no maximum period prescribed for its operation.Second statement is correct.

This question is a part of GKToday's Integrated IAS General Studies Module