Article 360 of the Indian Constitution deals with Financial Emergency.
The emergency provisions are borrowed from the Government of India act 1935.
Explaining the reasons for their inclusion in the Constitution, Dr. B.R. Ambedkar observed in the Constituent Assembly14 :
“This Article more or less follows the pattern of what is called
the National Recovery Act of the United States passed in 1933,
which gave the president power to make similar provisions in
order to remove the difficulties, both economical and financial, that had overtaken the American people, as a result of the Great Depression.” No Financial Emergency has been declared so far, though there was a financial crisis in 1991.
The President of India has the authority to declare three types of emergencies:-
National Emergency (Article 352),
State Emergency or President rule (Article 356)
Financial Emergency (Article 360)
The Suspension of Fundamental Rights during the emergency was taken from the Weimar Constitution of Germany.
Note:
Article 20 (Protection in respect of conviction for offenses) & Article 21 (Protection of life and personal liberty) cannot be suspended during a national emergency.