Accordingly, a player playing in the first division will get Rs. 7,500 per day, up from Rs. 2,500.
Low payments and offers from Australian domestic tournaments have led to teams failing to find players to play in first division games.
However, the interim committee has reduced the number of contracted players to 41.
Some criticise the move, while experts welcome it.
Instead of spending large amounts of money to maintain a few, around 200 players will benefit from the increase in the payments, they point out.
In the past, a contracted player received a payment of around Rs. 40,000 for the entire duration of the contract.