Taking forward the decision taken by its all-powerful Working Committee, the Board of Control for Cricket in India said all players picked for the Bangladesh tour would be given a flat retainer of Rs 500,000.
"In addition to the flat retainer of Rs five lakh the players would be entitled for match fees and bonus," said BCCI secretary Niranjan Shah on his return from the West Indies, on Thursday.
The Working Committee had decided at its World Cup review meeting in Mumbai on April 7 to abolish graded payment for the players and instead introduce a flat retainer.
Till the end of September, 2006, the players were divided into three categories - A, B and C - and awarded annual retainers of Rs 50 lakh, Rs 35 lakh and Rs 20 lakh respectively.
There are some changes in the match fees for the players and they would get approximately Rs 1.5 lakh and Rs 2.5 lakh per ODI and Test respectively.
Shah, who had gone to the Caribbean to witness the final stages of the World Cup, said there would also be bonuses for the players.
"There will be a bonus if the team wins a match and a separate one too if it wins the series, but there won't be deduction for any losses," he said, adding that exact details of the amount would be announced later.
"All these amounts as well as the condition that the players' individual endorsements would be limited to three per head have been included in the contracts clauses to be signed by the players before they leave for Bangladesh on May 7," Shah said.
Shah said the complete contracts, minus signed up amounts, of the personal endorsement deals entered into by the players will have to be submitted to the BCCI.
"As has been decided by the Working Committee (on April 7) the players have to provide copies of their endorsement contracts to the Board," he said.
"They have been giving us the list of products they are endorsing so far. But we have asked them for the entire contracts but without the contracted amounts which we don't want to know," he said.
Shah, however, termed as "hypothetical" a query on what decision would the BCCI take if the players refuse to sign on the dotted line.
"I can't answer hypothetical questions. Let us wait and see. I have just come today from abroad. I am going to Kolkata on Sunday, the last day of the conditioning camp for the team," he said.
He said the drafts of the contracts had been sent to the players five or six days ago.
Shah maintained the players won't be losers due to the reduced retainer and match fees as they are entitled to bonus payments if they end up victorious.
Earlier, the contracted players received Rs 1.5 and Rs 2.5 lakh per ODI and Test while the non-contracted cricketers got Rs 2 and Rs 3.5 lakh respectively.
The players (international and domestic equally) were also receiving 26 per cent of the gross revenue of the Board, including for TV rights, till it was decided at the last AGM of the BCCI that the amount due to the players would exclude revenue from the lucrative TV rights.