President Ram Nath Kovind Saturday dissolved the 16th Lok Sabha with immediate effect on recommendation of the Union cabinet, the Rashtrapati Bhavan said in a statement.

A communique issued by the Rashtrapati Bhavan said the President dissolved the Lok Sabha after a cabinet meeting chaired by Prime Minister Narendra Modi made such a recommendation Friday.

"The President has accepted the advice of the Cabinet on 24.05.2019 and signed the Order dissolving the 16th Lok Sabha," it said.

The president had on Friday accepted the resignation of Modi and his council of ministers but asked them to continue as caretaker until formation of a new government.

The President also received the list of winning Lok Sabha candidates from Election Commission. With the last of the Lok Sabha election results pouring in Friday, the Election Commission met on Saturday to finalise the list of winning candidates to be handed over to Kovind.

With the handing over of the list, the process to form the 17th Lok Sabha is set in motion.

Modi is expected to take oath as a new prime minister next week.

In the just-concluded parliamentary polls, the BJP scored a resounding victory, bagging 303 out of 542 seats. Its arch rival, the Congress, was way behind at 52. 

Polls were held in 542 of the 543 seats and the election in Vellore parliamentary seat was cancelled by the EC citing excessive use of money power. A fresh date for it is yet to be announced.

(With PTI inputs)