4.2. Procedures and safeguards

♤ This proclamation must be approved within two months from the date of its issue by the Parliament. If the Lok Sabha is dissolved within that period of two months, the proclamation has to be approved within thirty days of the first sitting of the newly constituted Lok Sabha. It can continue for an indefinite period, till it is revoked by the President.

♤ There is no maximum period prescribed for its operation; and repeated parliamentary approval is not required for its continuation

♤ A resolution approving the proclamation of financial emergency can be passed by either House of Parliament only by a simple majority.

♤ Financial Emergency may be revoked by the president at anytime by a subsequent proclamation. Such a proclamation does not require the parliamentary approval.