Indian Polity · Polity

With reference to the consequences of a Proclamation of Financial Emergency under Article 360 of the Constitution of India, consider the following statements: I. The Union may issue directions requiring States to observe specified financial canons in matters connected with public expenditure. II. The President may direct that all Money Bills or other financial Bills passed by a State Legislature be reserved for his consideration. III. The Union executive extends automatically to the administration of all State finances during such Emergency. Which of the statements given above are correct?