The likes of Kapil Dev and Mohinder Amarnath, who led India to 1983 World Cup triumph, will receive up to Rs 35,000 as monthly pension.
The Committee, which met here, decided to extend the existing pension scheme, which covered those who played before 1975, to include those who represented India in Tests and One-day internationals till December 31, 1993.
Accordingly, those who have played in 25 Tests or more would be eligible for Rs 35,000 each, while those who played in less than 25 Tests would be eligible for Rs 25,000.
Besides, umpires who stood in more than 25 Tests or One-dayers would receive a pension of Rs. 10,000 each.
The board also announced its plan to help development of other sports by setting aside a corpus of Rs 50 crore for their development.
BCCI president Sharad Pawar told reporters after the working committee meeting that it was decided that the Board would undertake the expenses of training and coaching, both in India and overseas, of promising under-15 players in other disciplines which are part of Asian Games and Olympics.
Among other decisions at the meeting today, the Committee authorised the president to select eight centres to host 2011 World Cup ties, which India is jointly bidding with Pakistan, Sri Lanka and Bangladesh.
On the issue of the support staff wearing the India cap, the board resolved at the meeting that only players could wear the India caps and not the working staff.