Consider the following statements in respect of financial emergency under Article 360 of the Constitution of India:
1. A proclamation of financial emergency issued shall cease to operate at the expiration of two months, unless, before the expiration of that period , it has been approved by the resolutions of both House of Parliament.
2. Financial Emergency can remain in operation for a maximum period of three years.
Which of the statement given above is / are correct?
Answer: C
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