Under what circumstances can the financial emergency be proclaimed by the president of India? What consequences follow when such a declaration remains pending?

As Article 360 of Indian Constitution Provides for declaration of financial emergency by president. Circumstances: Financial emergency is declared when a Stability: financial stability of India, b or Credit of India or a part is [threatened]. Instances: financial emergency has (not been) declared in India even though there was a financial crisis in 1991-1992. Financial stability/emergency Connotations like: Forex reserves, Inflation, Balance of payment, Unemployment level, Loan default, etc.

Consequences: following consequence happen (1) President becomes empowered to give directions to states to observe canons of financial propriety. (2) [Salaries] of functionaries at state (and centre [on cluding]) the judges of Supreme Court and High Court can be [reduced]. (3) President can ask govern or to [resume] the [money bills] and other financial bills for parliament consultation. After the end of financial emergency, the steps taken by parliament[Remain] in force for the current fiscal year. Financial emergency along with other emergency's like president suit and National emergency are invoked only as a matter of last resort to deal with an exceptional situation.