The move was necessitated after imposition of governor's rule in the state following the collapse of the government led by PDP chief Mehbooba Mufti.
"Immediately after receiving President of India's approval, Governor N N Vohra issued the proclamation to impose Governor's Rule in the state under section 92 of the Constitution of Jammu and Kashmir today," a Raj Bhawan spokesman said.
The Governor also placed the legislative assembly in suspended animation till the proclamation of Governor's Rule is revoked or varied by a subsequent proclamation.
"The legislative Assembly of the state shall remain under suspended animation," the proclamation said.
Mr Vohra said a situation has arisen in which the government of the state cannot be carried on in accordance with the provisions of the Constitution of Jammu and Kashmir.
National Conference (NC) leader Omar Abdullah has called for immediate dissolution of the Assembly and holding of fresh elections in the state.
It is for the fourth time that Jammu and Kashmir was placed under the Governor's rule in the last one decade.
The BJP stunned Mehbooba Mufti on Tuesday afternoon after it pulled out of the over three-year-old ruling coalition with the PDP in the state.