Union Finance Minister Arun Jaitley on Friday announced that the "Most Favoured Nation" status which was granted to Pakistan stands withdrawn.

The decision was taken in the Cabinet Committee on Security meeting held a day after the worst-ever terror attack in Jammu and Kashmir since militancy erupted in 1989, when a suicide bomber on Thursday rammed his SUV packed with explosives into a Central Reserve Police Force bus on the Srinagar-Jammu highway in Pulwama district, killing at least 45 troopers, injuring 38 and leaving the security establishment stunned.