Breaking News: President Hon"ble Ram Nath Kovind has signed  The Constitution (Application to Jammu & Kashmir) Order, 2019 to brought by central government to scrap the special status granted to the state of Jammu & Kashmir.
As the per the Order, According to clause 2 of the Order, all provisions of the Constitution of India will apply to the state of J&K, with a few exceptions and modifications, and henceforth special status is withdrawn.
All the provisions of the Constitution, as amended from time to time, shall apply in relation to the State of Jammu & Kashmir...

The Order has been passed in accordance with the President's power under Article 370(3), which states,
"Notwithstanding anything in the foregoing provisions of this article, the President may, by public notification, declare that this article shall cease to be operative or shall be operative only with such exceptions and modifications and from such date as he may specify: Provided that the recommendation of the Constituent Assembly of the State referred to in clause ( 2 ) shall be necessary before the President issues such a notification."
The state is presently under President's Rule.
With the introduction of this order and repeal of old order of 1954, it has now paved the way for the Centre to introduce the Jammu & Kashmir Reorganisation Bill, 2019, which was prohibited due to Order of 1954. This Bill seeks to declare J&K as a separate Union Territory with  a Legislature and to Ladakh as a separate Union Territory without a Legislature. 
Earlier today, THE JAMMU AND KASHMIR RESERVATION (AMENDMENT) ACT, 2019 (Act 09 of 2019) was passed and received presidents assent, in order to waive special rights to permanent residents of the J&K with respect to employment by the state government, acquisition of immovable property, and settlement in the State. which was made through the introduction of Article 35A to the Constitution by the Oder of 1954. It further added a proviso to Article 368 of the Constitution, which deals with amendment of constitutional provisions, stating,
"Provided further that no such amendment shall have effect in relation to the State of Jammu and Kashmir unless applied by order of the President under clause (1) of article 370".
Read the Jammu & Kashmir Reservation (Amendment) Act, 2019: Read Act here. [PDF]