Brexit is an abbreviation of "British exit", which refers to the June 23, 2016 referendum by

British voters to exit the European Union. The referendum roiled global markets, including
currencies, causing the British pound to fall to its lowest level in decades.
What has happened?
A referendum - a vote in which everyone (or nearly everyone) of voting age can take part - was
held on Thursday 23 June, to decide whether the UK should leave or remain in the European
Union.
Leave won by 52% to 48%.
The referendum turnout was 71.8%, with more than 30 million people voting. It was the highest
turnout in a UK-wide vote since the 1992 general election.
What was the breakdown across the UK?
England voted strongly for Brexit, by 53.4% to 46.6%, as did Wales, with Leave getting 52.5% of
the vote and Remain 47.5%.
Scotland and Northern Ireland both backed staying in the EU. Scotland backed Remain by 62%
to 38%, while 55.8% in Northern Ireland voted Remain and 44.2% Leave.
What is the European Union?
The European Union - often known as the EU - is an economic and political partnership
involving 28 European countries .
The European Union has 28 member countries:

Austria (1995)

Belgium (1958)

Bulgaria (2007)

Croatia (2013)

Cyprus (2004)

Czech Republic (2004)

Denmark (1973)

Estonia (2004)

Finland (1995)

France (1958)

Germany (1958)

Greece (1981)

Hungary (2004)

Ireland (1973)

Italy (1958)

Latvia (2004)

Lithuania (2004)

Luxembourg (1958)

Malta (2004)

Netherlands (1958)

Poland (2004)

Portugal (1986)

Romania (2007)

Slovakia (2004)

Slovenia (2004)

Spain (1986)

Sweden (1995)

United Kingdom (1973)

It began after World War Two to foster economic co-operation, with the idea that countries
which trade together are more likely to avoid going to war with each other.
It has since grown to become a "single market" allowing goods and people to move around,
basically as if the member states were one country.
It has its own currency, the euro, which is used by 19 of the member countries, its own
parliament and it now sets rules in a wide range of areas - including on the environment,
transport, consumer rights and even things such as mobile phone charges.
There are four key institutions which work together to run the EU - the European
Commission, the European Parliament, the European Council and the Court of Justice.

What happens now?

The pound suffered one of its biggest one-day falls in history on Friday, plummeting more than
10 per cent in six hours on concerns that severing ties with the EU will hurt the U.K. economy
and undermine Londons position as a global financial centre. Authorities including the
International Monetary Fund, the U.S. Federal Reserve and the Bank of England had warned
U.K.s exit would send shivers through a world economy that is only slowly recovering from the
global crisis that began in 2008. Now economists will wait to see if their predictions come to
pass.

For the UK to leave the EU it has to invoke an agreement called Article 50 of the Lisbon
Treaty. The result will trigger a new series of negotiations as Britain and the EU search for a
way to separate economies that have become intertwined since the U.K. joined the bloc on Jan.
1, 1973. Under Article 50 of the Treaty of European Union, talks would likely last two years, with
the possibility for extension if all of the remaining 27 EU nations agree.

Cameron or his successor needs to decide when to invoke this - that will then set in motion the
formal legal process of withdrawing from the EU, and give the UK two years to negotiate its
withdrawal.
The article has only been in force since late 2009 and it hasn't been tested yet, so no-one really
knows how the Brexit process will work, according to BBC legal correspondent Clive Coleman.
Mr Cameron, who has said he would be stepping down as PM by October, said he will go to the
European Council next week to "explain the decision the British people have taken".
EU law still stands in the UK until it ceases being a member - and that process could take some
time.
The UK will continue to abide by EU treaties and laws, but not take part in any decision-making,
as it negotiates a withdrawal agreement and the terms of its relationship with the now 27 nation
bloc.
What happens to UK citizens working in the EU?
A lot depends on the kind of deal the UK agrees with the EU after exit.
If it remains within the single market, it would almost certainly retain free movement rights,
allowing UK citizens to work in the EU and vice versa.
If the government opted to impose work permit restrictions, as UKIP wants, then other countries
could reciprocate, meaning Britons would have to apply for visas to work.
Will I need a visa to travel to the EU?
While there could be limitations on British nationals' ability to live and work in EU countries, it
seems unlikely they would want to deter tourists. There are many countries outside the EEA that
British citizens can visit for up to 90 days without needing a visa and it is possible that such
arrangements could be negotiated with European countries.
What about EU nationals who want to work in the UK?
Again, it depends on whether the UK government decides to introduce a work permit system of
the kind that currently applies to non-EU citizens, limiting entry to skilled workers in professions
where there are shortages.

FOR INDIA

Though India has refrained from officially commenting on the crucial June 23 referendum, it
remains deeply vested in the outcome. The first concerns the welfare of a nearly three-million
strong diaspora of Indian-origin U.K. citizens, while the second concerns the interests of a large
moving population of Indians who come to Britain ever year as tourists, business people,
professionals, students, spouses, parents and relatives.
There are 800 Indian companies in the UK more than the combined number in the rest of
Europe. Britain's exit from EU may affect Indian companies appetite for investing in the U.K.,
particularly those seeking access to the European market.
However, there is a tone of optimism in the Indian circles. An SBI report, for instance, mentions,
"This referendum will have geopolitical implications and will affect the relation of the rest of the
world with Europe. But, our take is that though such an exit brings up a lot of uncertainty within
Europe, it definitely opens up opportunities for India."
Itis unlikely to have a notable impact on India's GDP (gross domestic product) growth in fiscal
2016, ratings agency Crisil has said retaining its forecast of 7.9% growth, with agriculture as the
swing factor.
However, Britain's exit from the European Union (EU) is likely to impact Indian companies in a
multiple waysdemand weakness on account of potential slowdown in the EU and the UK,
volatility in commodity prices, currency impact on account of the potential depreciation of the
rupee, euro and the pound, and balance sheet impact on account of exposure to unhedged
overseas borrowings.
"In the short run, we do not see a significant downside to India's exports. UK accounts for 3% of
merchandise exports from India. Further, India's total trade with the UK is only 2% of its external
trade," the agency said.