Under what circumstances can the Financial Emergency be imposed by the President? What consequences follow when such a declaration remains in force?

Consequences of financial emergency (1) It allows President to issue directions to the state to observe canons of financial propriety. (2) Also, the salaries of the officers like officers serving in the union, judicial officers etc can be reduced. (3) All the bills shall be reserved for the President's assent. (4) No fundamental right is curtailed. (5) President can issue any other direction as he deems necessary. Financial emergency is indeed like a safety valve that aims to prevent any severe financial threat to the nation.