Editing President of India (section)

==== Financial emergency ====
Article 282 accords financial autonomy in spending the financial resources available with the states for public purposes.<ref name="const" /><ref>{{cite web|url=http://indiankanoon.org/doc/976795/|title=Supreme Court Judgement: Bhim Singh vs U.O.I & Ors on 6 May, 2010|archive-url=https://web.archive.org/web/20120322134716/http://indiankanoon.org/doc/976795/|archive-date=22 March 2012|url-status=live|access-date=21 March 2012}}</ref> [[s:Constitution of India/Part XII|Article 293]] gives liberty to states to borrow without any limit to its ability for its requirements within the territory of India without any consent from the Union government. However, the Union government can insist on compliance with its loan terms when a state has an outstanding loan charged to the consolidated fund of India or an outstanding loan in respect of which a guarantee has been given by the Government of India under the liability of consolidated fund of India.<ref>{{cite web|url=http://fincomindia.nic.in/writereaddata%5Chtml_en_files%5Cfincom14/others/42.pdf|title=Article 293 and its application|archive-url=https://web.archive.org/web/20160518160231/http://fincomindia.nic.in/writereaddata/html_en_files/fincom14/others/42.pdf|archive-date=18 May 2016|url-status=live|access-date=21 March 2016}}</ref>

Under article 360 of the constitution, the president can proclaim a financial emergency when the financial stability or credit of the nation or any part of its territory is threatened.<ref name="const" /> However, until now no guidelines defining the situation of financial emergency in the entire country or a state or union territory or a panchayat or a municipality or a corporation have been framed either by the [[Finance Commission of India|finance commission]] or by the central government.

Such an emergency must be approved by the parliament within two months by a simple majority. It has never been declared.<ref name="sharma kanhaiya">{{cite book|url=https://books.google.com/books?id=14U2EOCvQHoC&pg=PA321|title=Reconstitution of Constitution of India|last=Sharma|first=Kanhaiyalal|publisher=Deep and Deep Publications|year=2002|isbn=81-7629-405-5|archive-url=https://web.archive.org/web/20160519122048/https://books.google.com/books?id=14U2EOCvQHoC&pg=PA321&dq=Finance+emergency+in+India&hl=en&sa=X&ei=rgmiUaONC8eXiQKSuoD4Bw&ved=0CEwQ6AEwBg|archive-date=19 May 2016|url-status=live}}</ref>{{rp|604}} A state of financial emergency remains in force indefinitely until revoked by the president.<ref name=Kumar />{{rp|195}}

The president can reduce the salaries of all government officials, including judges of the [[Supreme Court of India|supreme court]] and [[List of high courts in India|high courts]], in cases of a financial emergency. All money bills passed by state legislatures are submitted to the president for approval. They can direct the state to observe certain principles (economy measures) relating to financial matters.<ref name="general studies Indian polity">{{cite book|url=https://books.google.com/books?id=lYMuFKCCLDEC&pg=PA106|title=general studies Indian polity|publisher=Upkar Prakashan|page=106|access-date=12 May 2012|archive-url=https://web.archive.org/web/20130508123832/http://books.google.com/books?id=lYMuFKCCLDEC&pg=PA106|archive-date=8 May 2013|url-status=live}}</ref>