In an emergent meeting called here, the Indian Board reviewed the proposals of the ICC Commercial Rights Working Group, which have created quite a flutter in international cricket.
"The committee discussed at length the proposals of the ICC Working Group and felt that this proposal was in the interest of cricket at large," BCCI Secretary Sanjay Patel said in a statement after the meeting.
The meeting was chaired by Board vice-President Shivlal Yadav after President N Srinivasan had to skip it because of his mother's death this morning.
The BCCI unanimously agreed to approve the proposal of the Working Group of the ICC's Finance and Commercial Affairs (F&CA) committee in which the Indian Board, Cricket Australia and England and Wales Cricket Board are key members.
The BCCI members "authorised the office-bearers to enter into agreements with ICC for participating in the ICC events and host ICC events, subject to the proposal being approved in the ICC Board".
The BCCI also "authorised its office-bearers to discuss bilateral matches with other Full Members (including Pakistan) and sign formal Future Tours Programme agreements".
As things stand right now, 75 per cent of ICC earnings are divided between the 10 full member countries equally and the remainder goes to associate members.
In the lead-up to negotiations for the next ICC commercial rights cycle -- covering the period from 2015 to 2023 -- India apparently wants its share of the global game's money to reflect the proportion of revenue the country generates.
The planned overhaul of the ICC would also see a new executive committee formed by India, England and Australia that would decide most of the key issues in cricket, and a relegation system, from which they would be protected.
Other changes would include a two-tier system for Test cricket in which India, Australia and England would be exempt from relegation and removal of control over scheduling from the ICC to allow countries to essentially pick and choose who they play.
Cricket South Africa has spoken out against the plan, calling for an immediate withdrawal of the "fundamentally flawed" proposal.
It has also drawn criticism from the Federation of International Cricketers' Association Executive Chairman Paul Marsh, who has called it unconstitutional.
The structural overhaul plan is set to be presented at the ICC's quarterly meeting in Dubai on January 28 and 29. It must have the support of seven of the 10 full member nations to be passed.
'There have been a few things that have not gone India's way'
Why do Ishant, Rohit still have Dhoni's backing?
'If you remove either Kohli or Dhoni, it nullifies India's chase'
Stats: Dhoni's unique milestone and Southee's century
Should India rest Ashwin, Ishant for the Auckland ODI? Tell us!