Sir, I move:
“That after article 280, the following new article be inserted :Provisions as to financial emergency.’280-A.(1) If the President is satisfied that a situation has arisen whereby the financial stability or credit of India or of any part of the territory thereof isthreatened, he may by a proclamation make adeclaration to that effect.(2) The provisions of clause (2) of article 275 of this Constitution shall apply in relation to a proclamation issued under clause (1) of this article as they apply in relation to a Proclamation of Emergency issued under clause (1) of the said article 275.(3) During the period any such proclamation as is mentioned in clause (1) of this article is in operation, the executive authority of the Union shall extend to the giving of directions to any State to observe such canons of financial propriety as may be specified in the directions, and to the giving of such other directions as the President may deem necessary and adequate for the purpose.(4) Notwithstanding anything contained in this Constitution– (a) any such direction may include–(i) a provision requiring the reduction of salaries and allowances of all or any class of persons serving in connection with the affairs of a State; (ii) a provision requiring all Money Bills or other Bills to which the provisions of article 182 of this Constitution apply to be reserved for the consideration of the President after they are passed by the Legislature of the state;(b) it shall be competent for the President during the period any proclamation issued under clause (1) of this article is in operation to issue directions fog the reduction of salaries and allowances of all or any class of persons serving in connection with the affairs of the Union including the judges of the Supreme Court and the High Courts.(5) Any failure to comply with any directions given under clause (3) of this article shall be deemed to be a failure to carry on the Government of the State in accordance with the provisions of this Constitution.'”