The election meeting is being chaired by party President Rajnath Singh and the party is expected to decide on its list of candidates for Delhi, Andhra Pradesh and Bihar.
However, Jaitely's absence from the party's CEC's meet raises questions as to internal strife in the BJP.
Apart from this, the party is also slated to announce some candidates for the assembly polls in Orissa and Andhra Pradesh.
Now, BJP is on the verge of sealing a deal with its alliance partner, Bihar Chief Minister Nitish Kumar's JDU. They have almost finalised seat-sharing for the 40 seats.
According to the deal, the BJP will get 16 seats while JDU will get 24. Party chief Rajnath Singh, senior leaders LK Advani, Murli Manohar Joshi, Sushma Swaraj and Venkaiah Naidu among others present at the CEC meeing being held at the party headquarters in New Delhi.
The party has so far announced 170 candidates for the Lok Sabha elections.