"The matter is under the consideration of the Board. A final decision has not been reached. Efforts are on. We have not reached the stage of signing it," BCCI secretary S K Nair said in Bangalore.
He said the BCCI president Jagmohan Dalmiya is keen to see that the system is implemented as soon as possible.
"We have made it clear that discussions (with players) are over. Certain points, which would be in the form of documentation and to be signed by the two sides is being given shape," Nair said.
"I hope and expect that we will be able to sign it before the Asia Cup but there is no time frame (on signing)," he said. "The BCCI president has announced the intention of putting it in place before the Asia Cup but there is no time frame."
BCCI joint secretary Ratnakar Shetty said in Mumbai on Saturday that all the documentation needed for introducing the system have been completed and all's set for the signing before the team departs for the Asia Cup in the island nation.
As per the graded system of payment, the topmost players are to get Rs 60 lakh annually as fees, the middle rung players are to receive Rs 30 lakh and the rest would be bracketed in the Rs 15-lakh each category.