Pakistan says it has shot down two Indian fighter jets, and arrested one pilot
India confirms it lost a plane in a dogfight and demands the return of its airman
Pakistan denies Indian claim that one of its jets was downed
On Tuesday, India targeted militants across the Line of Control (LoC) in disputed Kashmir
It was in retaliation for a militant-claimed attack on 14 February that killed 40 Indian troops
The nuclear-armed neighbours have fought two wars and a limited conflict over Kashmir
Image source, AFPThis picture from Bhimber, in Pakistan-administered Kashmir, shows what Pakistan says is the wreckage of an Indian fighter jet.
India has just confirmed that it did lose a warplane in this morning's dogfight.
Here's more details from that short Indian government briefing:
It's worth noting that Pakistan says it did not strike military targets in its action this morning and denied one of its F-16s had been shot down.
Spokesman Raveesh Kumar says that India has "unfortunately lost" a MiG-21 and that the pilot is missing.
He said India is assessing the situation and acknowledged Pakistan said it was holding the pilot.
The spokesman says it was seen by ground forces "falling from the sky" on the Pakistani side.
A foreign ministry spokesperson is speaking live on TV
Everyone expected the main news this week would be the Trump-Kim talks in Vietnam. Now all eyes are glued to Kashmir. But some are suggesting that India and Pakistan could in fact learn from the recent thaw in relations between the two Koreas - although much is yet to be resolved even on that front.
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Indian Railways, which runs one of the world's largest rail networks, has issued a security alert amid the tensions.
Security will be boosted on all trains in border areas and at stations, an official told Indian news agency PTI.
"We have also identified specific targets related to railways and have beefed up security there," Arun Kumar said.
No trains have yet been cancelled.
Pakistan's information ministry has published footage of what it says is the wreckage of an Indian fighter jet it shot down.
As we keep saying, India has not yet confirmed any of its warplanes were downed.
But we expect to be hearing from the government shortly and we will bring you their response.
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Image source, EPAIn case you are just joining us and it's overwhelming. This is how things have been unfolding over the last few weeks.
On 14 February, at least 40 Indian paramilitary police were killed in a bomb attack by militants on their convoy in Indian-run Kashmir.
Police told the BBC that a car filled with explosives had rammed a bus carrying the troops to Srinagar.
Pakistan-based Islamist group Jaish-e-Mohammad (JeM) said it was behind the attack - the deadliest assault on Indian troops since the insurgency against Indian rule in Kashmir began in 1989.
Bomb kills 40 Indian paramilitary police in convoy
India retaliated on Tuesday, launching air strikes on a JeM training camp in Balakot, Pakistan.
Indian air strikes target militants in Pakistan
India accuses Pakistan of allowing militant groups to operate on its territory and says Pakistani security agencies played a role in the 14 February attack.
Pakistan denies the accusations, saying it does not provide safe haven to militants.
That is the short-term lead-up to the events of today.
More from Indian Foreign Minister Sushma Swaraj (see our 08:40 entry). She says the sole aim of India's air strikes had been to target alleged militants.
Quote MessageThis was not a military operation. No military installations were targeted. The limited objective of the pre-emptive strike was to act decisively against the terrorist infrastructure of Jaish-e-Mohammed (JeM) in order to pre-empt another terror attack in India.
Sushma Swaraj, Indian Foreign Minister
We are hearing that a briefing will take place at 15:15 India time (09:45 GMT).
We will bring you all the updates here.
So far we haven't heard much from the Indian government - including whether it confirms its jets were shot down and pilots captured.
Our correspondent Secunder Kermani in Islamabad is asking the question on everybody's mind: what will happen next? Decisions over the next few hours will decide between a de-escalation or possibly further military confrontation.
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Social media is full of people urging the media not to add fuel to the crisis.
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The Pakistani government has released a video of what it says is a captured Indian air force pilot.
In the video, the pilot - who is blindfolded and appears to have blood on his face - identifies himself as Wing-Commander Abhinandan.
The BBC cannot independently verify the video.
India has not responded directly to the video but has said all its pilots are accounted for.
Wading through and making sense of the contradictory accounts of what's been unfolding is a struggle that many - journalists and otherwise - can identify with.
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If you're confused about why Kashmir has for decades been the main source of tension between India and Pakistan, this might help.
Why has 2018 seen a spike in violence in Indian-administered Kashmir?
As we said earlier - like all developments on the highly sensitive subject on Kashmir, differing parties are giving a different version of today's events.Here's a look at the front pages of two major newspaper websites in both countries.
India's The Hindu reports that a Pakistani F-16 jet has been shot down.
While Pakistan's leading English-language newspaper, Dawn, says that the Pakistani air force has shot down two Indian warplanes
Pakistani writer Fatima Bhutto urges politicians, journalists and the public to not escalate this crisis towards war.
Ms Bhutto is the niece of assassinated ex-PM Benazir Bhutto.
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Sushma Swaraj is at a meeting with Russian and Chinese foreign minister in China.
She has addressed the military tensions.
Quote MessageIndia does not wish to see further escalation of the situation. India will continue to act with responsibility and restraint."
Sushma Swaraj, Indian External Affairs Minister
Soutik Biswas, BBC News, Delhi
Image source, ReutersThe challenge for India and Pakistan now is to contain the escalation before things get completely out of control.
“We are in uncharted waters,” Husain Haqqani, the former Pakistani ambassador to the US and adviser to three Pakistani prime ministers, told me late on Tuesday.
Things are looking worse this morning, after Pakistan claimed it had shot down two Indian fighter jets in its airspace in Kashmir and arrested at least one pilot on the ground.
Many believe the Pakistani strike could be seen as a tit-for-tat for Tuesday’s Indian strikes targeting militants in Pakistani territory. That, many believe, was largely aimed at placating its domestic constituency.
It is almost unprecedented for two nuclear-armed countries to carry out air strikes into each other’s territories.
An Indian defence analyst believes Indian security forces will now have to be prepared for a “full spectrum of conflict”.
Is there a threat of nuclear escalation?
Daniel Markey, a senior professor at Johns Hopkins University in the US, told me there is “always a real threat of nuclear escalation between India and Pakistan, but we are several steps away from this moment”.
A further escalation, he believes, will happen if Pakistan’s “next step were to raise the stakes by hitting Indian civilian targets”.
That is highly unlikely.