Watch: I did my best to serve the nation: Manmohan Singh in his farewell speech
"The President has accepted the resignation of Manmohan Singh and has requested him and his colleagues to continue till the new government is formed," a Rashtrapati Bhavan statement said.
The Prime Minister and Mukherjee, who had worked in Singh's Cabinet as finance, defence and external affairs minister, exchanged bouquets.
Singh handed over his resignation and the recommendation of the Cabinet for dissolution of the 15th Lok Sabha, which is just a formality.
Read: I have always tried to do my best: Manmohan in farewell address
After their brief meeting, Mukherjee, in a rare gesture, came to the forecourt of the Rashtrapati Bhavan to see off Singh. They shook hands for sometime and were seen in an intimate conversation. Singh then also took leave of the Rashtrapati Bhavan officials, including the President's secretary Omita Paul. Earlier on Saturday morning, the Cabinet met and recommended dissolution of the Lok Sabha.
The Cabinet adopted a resolution lauding the role of Singh.
Read full text of the speech