Article 360 empowers the President to declare a financial emergency.
The president under Article 360 of the constitution has the power to declare a financial emergency if he is satisfied that the financial stability or the credit of India or any part of its territory is threatened.
His satisfaction is subject to judicial review.
Such a proclamation has to be approved by a simple majority in both houses.
If Lok Sabha is dissolved Rajya Sabha can approve it but Lok Sabha has to approve too within 30 days of the first sitting after it's been reconstituted.
It has to be laid before both the Houses of Parliament and ceases to operate at the expiration of two months unless meanwhile approved by the resolution of Houses.