This research paper is an attempt to get to know about the implications of a financial emergency in the country, that can be drawn from all the legal provisions being provided in the constitution of India and all the expected effects it can have over the country. There have been various concerns regarding the declaration of a financial emergency in the past as well but the topic remained wide open for research and analysis of its implications and development, the topic itself is unique as it does not have a lot of concrete stuff and verified instances due to the fact that there have been no financial emergency being declared by the Indian government in the history of independent India.