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Correct Option is Only 1

Financial Emergency (Article 360) It empowers the President to proclaim a Financial Emergency if he is satisfied that a situation has arisen due to which the financial stability or credit of India or any part of its territory is threatened. 44th Amendment Act of 1978 implying that the satisfaction of the president is not beyond judicial review. 1. A proclamation declaring financial emergency must be approved by both the Houses of Parliament within two months from the date of its issue. The proclamation of financial emergency can be passed by either House of Parliament only by a simple majority (a majority of the members of that house present and voting). Thus, during the operation of a financial emergency, the Centre acquires full control over the states in financial matters. Hence statement 1 is correct and statement 2 is incorrect.

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