The special committee to grade Indian players for introducing the central contract system will meet in Kolkata on July 9, according to sources in the Board of Control for Cricket in India.

The committee consisting of BCCI president Jagmohan Dalmiya, secretary S K Nair, coach John Wright and selection committee chairman Syed Kirmani will choose around 20 players to be put on contract.

The grading committee will decide which players would be grouped under A, B and C categories, who will receive retainership of Rs 60 lakh, Rs 30 lakh and Rs 15 lakh annually respectively, they said.

The contracted players as well as others, who make the playing eleven, will receive Rs two lakh per Test and Rs 1.6 lakh for one-day international as per the formula agreed upon between the two parties.

The contract is expected to be put in place before the Indian team leaves for the July 16-August 1 Asia Cup in Sri Lanka, sources added.