BCCI also confirmed that India will be participating in the upcoming ICC Champions Trophy and the squad will be announced on May 8.
Changes to revenue-sharing arrangements and governance had seen the country's cricket board threaten to pull the team from the competition, which takes place in the United Kingdom in June.
As of date, India have not even named a team for the tournament in England with the deadline for entries well past.
The option of pulling out of the Champions Trophy by revoking the Members Participation Agreement (MPA) between the ICC and the BCCI has been gaining traction within the #India board, which will discuss the issue at a special general meeting on Sunday.
The committee headed by former Comptroller and Auditor General of India (CAG) Vinod Rai has made a decision to accommodate the BCCI's concerns on three of the most contentious Lodha Committee recommendations and the Board has chose to drop its hostile stance towards COA.
Allardyce keen on Defoe but needs Palace safety first
Allardyce said: "If we are safe and Jermain Defoe is available, and he wants to come to Crystal Palace, I would be interested". What that is isn't yet clear, but anything less than £20 million will be met with derision by Sunderland fans.
While doubts persisted over India's participation in the Champions Trophy, in which they are the defending champions, several former cricketers, including Sachin Tendulkar and Rahul Dravid, had said India must play the tournament.
Virat Kohli & Co. can start packing their kit bags for next month's ICC Champions Trophy in England.
With the new revenue model getting the nod, BCCI will now have to do with what they have in the eight-year cycle. Two days ago, Rai as good as instructed BCCI joint secretary Amitabh Choudhary to convene a meeting of the selection committee to pick the squad as soon as the SGM gets over.
The BCCI said it was keeping its legal options open, indicating the row was far from over. The court-appointed Committee of Administrators (CoA) which is running the BCCI - and to which the Indian board's office bearers have to report until a new constitution is adopted as per the Lodha Committee's recommendations to the board - at one point had to step in to prevent a segment of the board from serving notice to the ICC on the matter.