When was financial emergency declared in India?

Financial emergency has never been proclaimed in India. Article 360 of the Indian Constitution empowers the President to invoke financial emergency. If the president is satisfied that a situation has arisen whereby the financial security of India or the credit of India or of any part of India is threatened, he may make a declaration to that effect. Under such a situation, the executive and legislative powers will go to the centre.

Further Reading:

• Financial Emergency [Article 360]
• Article 356 – President’s Rule