Mumbai, March 24:An article going viral on social media has falsely reported that the government of India is likely to impose a financial emergency to tackle the crisis caused by the coronavirus. However, PIB did a fact-check and tweeted informing people that the news report is fake and alerted that the story is malicious because there is no such plan from the government.

The online article that went viral mentioned that if no steps are taken to control the economy, then Prime Minister Narendra Modi will have no option left but to impose a financial emergency under Article 360 and the country would go in its most dreaded and worst recession of all time. What is Article 360? All About The Law Which Allows The Centre to Impose Financial Emergency.

Finance Minister Nirmala Sitharaman addressed the media via video conference at a time when India is under lockdown due to the spread of the coronavirus. She assured people that an economic relief package would be announced soon. The FM also further assured people that Financial Emergency won't be announced. Article 360 Not to be Imposed: FM Nirmala Sitharaman Says No Plan to Announce Financial Emergency Amid Coronavirus Outbreak.

Check PIB tweet:

Over the last few days, the stock market has been badly affected as investors remain sceptical and fear has penetrated deep in everyone's mind amid the COVID-19 outbreak. The global markets are also bleeding on the back of the COVID-19 pandemic. In less than a week, Prime Minister Narendra Modi will address the nation today at a time when the country is in lockdown to curb the spread of the virus.

(The above story first appeared on LatestLY on Mar 24, 2020 03:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).