Corona and Article 360
A pneumonia of unknown cause detected in Wuhan, China was first reported to the WHO Country Office in China on 31 December 2019. Which later named Corona.
Corona entered in india in about Feb and spreading extensively from March. Someone call india is in second stage once says third. No matter of stage but it's confirmed that Corona starts spreading in community which indicates we are in high time. Since it's a pandemic disease which affect all the section of society. Economy is one and major section that has to be longer empact on our lives ever before.
Heading of this article is Corona and Article 360. Many of know article 360. it is a one of the article of our constitution deals with emergency. By book article 360 of the Constitution empowers the government to ask the president to enforce a financial emergency if a situation has arisen whereby the financial stability or credit of India or of any part of the territory thereof is threatened.
Simply it deals with the Financial crisis of our Country and empowers government to take strong financial decision. President may declare a state of financial emergency.
During the period such Proclamation is in operation, the executive authority of the Union extends to the giving of directions to any State to observe such canons of financial propriety as may be specified in the directions, any such directions may also include
A provision required the reduction of salaries and allowances of all or any class of person serving a State or the Union.
A provision requiring all Money Bills or other Financial Bills to be reserved for the consideration of the President after they are passed by the legislature of the State.
A Proclamation issued under Article 360 will remain in force for two months unless before the expiry of the period it is approved by both the Houses of the Parliament.
Once approved it remains in force till revoked by the President.
No emergency under Article 360 has been issued so far.
India had been going through one of the worst phases of the financial crisis in its 72 years of history, India’s top 3 rating agencies like Fitch Moodys and S&P have already reduced India’s growth GDP to the lowest marks much before corona.
Foreign investors have pulled of 1.08 lakh crore
rupees from Indian market in just 15 trading sessions.
Several sectors including hotels, restaurants, night clubs, bars, airlines, BPO, tourism, entertainment & Bollywood, auto-mobile, aviation, hospitality, apparel, consumer durables and electronics, Poultry and Seafood, construction, transport railway are worst hit by this epidemic.
One can easily understand that fighting coronavirus & controlling the economy of the country almost seems impossible for the government.
If no steps would be of any help to control the economy, Government would have no option but to impose the financial emergency in India under Article 360 and the country would go in its worst and most dreaded recession of all times.
Corona entered in india in about Feb and spreading extensively from March. Someone call india is in second stage once says third. No matter of stage but it's confirmed that Corona starts spreading in community which indicates we are in high time. Since it's a pandemic disease which affect all the section of society. Economy is one and major section that has to be longer empact on our lives ever before.
Heading of this article is Corona and Article 360. Many of know article 360. it is a one of the article of our constitution deals with emergency. By book article 360 of the Constitution empowers the government to ask the president to enforce a financial emergency if a situation has arisen whereby the financial stability or credit of India or of any part of the territory thereof is threatened.
Simply it deals with the Financial crisis of our Country and empowers government to take strong financial decision. President may declare a state of financial emergency.
During the period such Proclamation is in operation, the executive authority of the Union extends to the giving of directions to any State to observe such canons of financial propriety as may be specified in the directions, any such directions may also include
A provision required the reduction of salaries and allowances of all or any class of person serving a State or the Union.
A provision requiring all Money Bills or other Financial Bills to be reserved for the consideration of the President after they are passed by the legislature of the State.
A Proclamation issued under Article 360 will remain in force for two months unless before the expiry of the period it is approved by both the Houses of the Parliament.
Once approved it remains in force till revoked by the President.
No emergency under Article 360 has been issued so far.
India had been going through one of the worst phases of the financial crisis in its 72 years of history, India’s top 3 rating agencies like Fitch Moodys and S&P have already reduced India’s growth GDP to the lowest marks much before corona.
Foreign investors have pulled of 1.08 lakh crore
rupees from Indian market in just 15 trading sessions.
Several sectors including hotels, restaurants, night clubs, bars, airlines, BPO, tourism, entertainment & Bollywood, auto-mobile, aviation, hospitality, apparel, consumer durables and electronics, Poultry and Seafood, construction, transport railway are worst hit by this epidemic.
One can easily understand that fighting coronavirus & controlling the economy of the country almost seems impossible for the government.
If no steps would be of any help to control the economy, Government would have no option but to impose the financial emergency in India under Article 360 and the country would go in its worst and most dreaded recession of all times.
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