A) Iron ore
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?