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Consider the following statements: If the financial emergency has been declared by the President under the Article 360, then its proclamation:

1.  May be revoked or varied by a subsequent proclamation

2. Shall cease to operate at the expiration of two months, unless before the expiration of that period it has been approved by the resolution of both Houses of Parliament

Which of the statements given above is/are correct?

A)  Only 1             

B)  Only 2

C)  Both 1 and 2    

D)  Neither 1 nor 2