This is a law unique to India, which has the Prime Minister and political party as leaders while the President is a ceremonial head with a limited but powerful role.
Financial Emergency:
f the President is satisfied that there is an economic situation in which the financial stability or credit of India is threatened,he/she can then proclaim a financial emergency, as per the Constitutional Article 360.Such an emergency must be approved by the Parliament within two months. It has never been declared. On a previous occasion, the financial stability or credit of India has indeed been threatened, but a financial emergency was avoided through the selling off of India's gold reserves.
A state of financial emergency remains in force indefinitely until revoked by the President.[53]
The President can reduce the salaries of all government officials, including judges of the Supreme Court and High Courts, in case of a financial emergency. All money bills passed by the State legislatures are submitted to the President for approval. They can direct the state to observe certain principles (economy measures) relating to financial matters.

Do you think this type of an emergency is a constitutional farce given that it has never occurred?
ALSO:
http://www.india.gov.in/govt/documents/amendment/amend43.htm
This is the Shanti Bhushan Amendment made to the Indian Constitution in 1977 post the infamous National Emergency. Could you please explain how it makes Financial Emergency difficult? Or is it only for National Emergency like situations?