The decision was taken at the BCCI's apex council meeting in New Delhi on Sunday.
The Indian Cricketers' Association (ICA) was on Sunday granted Rs 2 crore by the BCCI to kick-start its operations.
The ICA, India's first-ever players' association formed as per recommendations of the Supreme Court-appointed Lodha panel, has been desperately seeking funds ever since its office bearers were elected in October last year.
The players' body had prepared a tentative budget of Rs 15-20 crore and was seeking an initial grant of Rs 5 crore but got Rs 2 crore which can help in getting an office space in Mumbai.
"There are some tax issues that need to worked out and that is why ICA has been given Rs 2 crore. If they want more in the near future, we will sanction more," a BCCI official told PTI.
The decision was taken at the BCCI's apex council meeting here on Sunday.
The ICA has received an initial grant but will have to raise money on its own in the long run.
