<P> Article 282 accords financial autonomy in spending the financial resources available with the states for public purpose . Article 293 gives liberty to states to borrow without any limit to its ability for its requirements within the territory of India without any consent from the union government . However union government can insist for compliance of its loan terms when a state has outstanding loan charged to the consolidated fund of India or an outstanding loan in respect of which a guarantee has been given by the Government of India under the liability of consolidated fund of India . </P> <P> Under article 360 of the constitution, President can proclaim a financial emergency when the financial stability or credit of the nation or of any part of its territory is threatened . However, until now no guidelines defining the situation of financial emergency in the entire country or a state or a union territory or a panchayat or a municipality or a corporation have been framed either by the finance commission or by the central government . </P> <P> Such an emergency must be approved by the Parliament within two months by simple majority . It has never been declared . A state of financial emergency remains in force indefinitely until revoked by the President . </P> <P> The President can reduce the salaries of all government officials, including judges of the Supreme Court and High Courts, in cases of a financial emergency . All money bills passed by the State legislatures are submitted to the President for approval . He can direct the state to observe certain principles (economy measures) relating to financial matters . </P>

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