Pakistan is now officially in a state of emergency, under a proclamation issued by the Chief of Army Staff (COAS), President Gen. Pervez Musharraf. A Provisional Constitutional Order (PCO) has been issued as well by Musharraf in his capacity as COAS — not President. This is similar to October 1999 when Musharraf launched his “counter-coup” against then-Prime Minister, Nawaz Sharif. Pakistan may in effect be under martial law. (Read the PCO’s: November 2007, October 1999; Supreme Court Ruling Against PCO)

President Musharraf is currently addressing the country on national television in English. Stating that the country is at a dangerous juncture. Speaking in English so the world can hear. More to come. (Updated via Blackberry, 3:52pm US EST/1:52am PST)

Dawn reports that Benazir Bhutto has returned to Karachi and was escorted home by police. The White House has termed the state of emergency as “disappointing.” (Updated via Blackberry, 2:58pm US EST/12:58am PST)

Confirmed: Musharraf is not under house arrest, is still definitely in the driver’s seat. Pakistan is being described as in a state of “emergency plus,” somewhere between martial law and a state of emergency. (Updated via Blackberry, 2:22pm US EST/12:22am PST)

[Editor's Note: I will be stepping away from my computer, will attempt to keep IB readers continually updated via my Blackberry. 12:35pm US EST/10:53pm PST]

Benazir Bhutto has reportedly stepped off the plane in Dubai and will not be returning to Pakistan so soon. Perhaps fearing arrest? Justice Abdul Hameed Dogar (pictured right) has now been sworn in as Chief Justice of the Supreme Court of Pakistan, under the PCO. (Updated 12:00pm US EST/10:00pm PST)

Benazir Bhutto is supposedly at Dubai Int’l Airport or already en route to Karachi. (Updated 11:53am US EST/8:53pm PST)

Thoughts. This is essentially martial law. The issue was ordered from the COAS to avoid the needed approval from parliament. There is also this rumor that Musharraf is under house arrest, and even if it’s not true, I don’t see Musharraf surviving this. I don’t forsee a large scale protest campaign against Musharraf until the confusion is settled and there is an accurate picture of the ground reality. Though speculation reached its peak yesterday over the declaration of a state of emergency, no one really expected Musharraf to follow through; that’s why I believe we’re going to see an opposition that is potentially in disarray. I also find it incredibly convenient that Benazir was out of the country while this all happened. It’s a little peculiar that she would leave the country so soon after staging such a large come back. (Updated 11:41am US EST/8:41pm PST)

UNCONFIRMED RUMOR: Some sources are now reporting the that Pres. Musharraf is under house arrest and that Vice Chief of Army Staff (VCOAS) General Ashfaq Kayani has taken control of the Army and thereby the country. This would explain why all announcements re: the state of emergency have simply stated that they were by order of the “Chief of Army Staff,” with Pres. Musharraf’s name ommitted. I repeat, this just a rumor. I have other sources who claim to have just spoken with Musharraf refuting the rumor. (Updated 11:15am US EST/8:15pm PST)

Justices from the Lahore High Court have been summoned to the Governor House to supposedly take oath under the PCO. Earlier, the Karachi High Court justices had been summoned to Sindh’s Governor House. (Updated 11:09am US EST/8:09pm PST)

The Supreme Court’s decision against the PCO orders the COAS, all Corps Commanders and civil/military officials from carrying out the PCO. It states that any future change in the composition of the Supreme Court bench will be illegal and that no judges may take oath under the PCO. (Updated 10:16am US EST/7:16pm PST)

A 7-member bench of the Supreme Court, headed by the Chief Justice, has declared the PCO void. This has set the stage for a full on confrontation between Musharraf and Iftikhar Chaudhry. According to legal experts, the government cannot pass a PCO during a state of emergency under Article 232 of the constitution. President of the Supreme Court Bar Association, Aitzaz Ahsan, has been arrested from his home. He was a lawyer for Chief Justice Iftikhar Mohammed Chaudhry. (Updated 9:53am US EST/6:53pm PST)

Multiple justices have now arrived at the Supreme Court; they include Justices Rana Bhagwandas, Javed Iqbal, Abdul Hameed Dogar, Faqir Khokar, Muhammad Abbasi, Shakirullah Jan, and Ghulam Rabbani. A heavy paramilitary presence including Pakistan Rangers is reported in Islamabad. Heavy security exists in front of facilities belonging to Radio Pakistan, PTV, and the Prime Minister. (Updated 9:36am US EST/6:36pm PST)

Cable transmissions of all news outlets, with the exception of the official Pakistan Television (PTV), have been shut down. Musharraf is expected to address the nation tonight. (Updated 9:36am US EST/6:36pm PST)

The Chief Justice of Pakistan is reportedly now in his chambers with two other senior judges — Justice Abdul Hameed Dogar and another unnamed judge. News outlets are speculating that Justice Dogar will be the new CJP. Mobile phones in Islamabad are being jammed. (Updated 9:18am US EST/6:18pm PST)