Union Finance Minister Arun Jaitley on Friday announced that India will withdraw the “Most Favoured Nation” status accorded to Pakistan with immediate effect in the aftermath of the terror attack in Jammu and Kashmir’s Pulwama district on Thursday, ANI reported.

India has accorded the “Most Favoured Nation” status to all members of the World Trade Organisation in accordance with provisions of the Article 1 of General Agreement on Tariffs and Trade, 1994.

The decision was taken at a meeting of the Cabinet Committee on Security, headed by Prime Minister Narendra Modi, on Friday morning. At least 40 jawans of the Central Reserve Police Force were killed after a militant drove an explosive-laden vehicle into a bus on the Jammu-Srinagar highway. The Jaish-e-Mohammed has claimed responsibility for the attack.

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“Those who committed this heinous act or supported it will be made to pay a heavy cost,” PTI quoted Jaitley as saying.

The minister said the government will also take all diplomatic steps to ensure Pakistan is globally isolated. “The Ministry of External Affairs will initiate all possible diplomatic steps which are to be taken to ensure the complete isolation from the international community of Pakistan of which incontrovertible is available of having a direct hand in this act,” he said.

The government will convene an all-party meeting on Saturday, added Jaitley.

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In a statement on Thursday, the Ministry of External Affairs demanded that Pakistan stop allowing terror groups to operate from its territory. It also urged the United Nations to list Jaish-e-Mohammed’s chief Masood Azhar as a designated terrorist.

The United States urged Pakistan to deny safe havens and support provided to terrorists operating on its soil, “whose only goal is to sow chaos, violence, and terror in the region”.

Pakistan, however, has rejected the allegations of any involvement in the attack.