Govt, RBI monitoring Brexit fallout, taking 'calibrated' steps: Arun Jaitley

Arun Jaitley further said Brexit is a long-drawn process and may take more than two years

Government and the Reserve Bank of India (RBI) are closely monitoring emerging external situation following the United Kingdom's (UK) decision to exit the European Union (EU) to take calibrated and appropriate policies as and when required, the Rajya Sabha was informed in a written reply by the Finance Minister Arun Jaitley on Tuesday.

Jaitley further said Brexit is a long-drawn process and may take more than two years.

"Even with Brexit, the EU rules will continue to apply to the UK units until the Article 50 negotiations are complete. So, the UK would not be able to change its immigration policies or adopt its own trade polices till then," the minister said.

Accordingly to the Article 50 of the EU treaty, the negotiations can last up to two years and may be extended if 27 remaining states agree, he added.

Past month, in a historic development, the UK voted to leave the EU.