The graded-payment system for India's international cricketers could be implemented soon. Jagmohan Dalmiya, president of the Indian board, has announced that the BCCI and the players have agreed on the details of the new system.

Speaking to the media after meeting the players in New Delhi, Dalmiya said: "We've agreed on all the points and nothing more is left to discuss. It'll now be sent to the board's lawyers who'll give it legal shape. The details are confidential. Nobody is in a hurry to implement it." According to a report in the Times of India, sources in the board indicated that the new contracts will be implemented before India's tour of Australia later this year.

The players were represented by Sourav Ganguly, Rahul Dravid, Sachin Tendulkar, Anil Kumble, Virender Sehwag, Zaheer Khan and Harbhajan Singh, while Dalmiya, Amrit Mathur, the media manager, and Ratnakar Shetty, joint secretary of the BCCI, represented the board.

Under the new system, the players would be slotted into one of three grades, and would receive an annual retainer fee. For players in the top grade, the sum is expected to be Rs 60 lakhs (US$130,000 approx), while those in the second and third tiers would receive Rs 30 lakhs and Rs 15 lakhs. The team would also receive bonuses for wins - with the amount varying according to the rank of the opposition - while every defeat would result in a penalty which would be deducted from the match fee.