The BCCI is set to introduce a new Twenty20 event, to be branded as mini IPL, outside India in September.
"In the month of September, the BCCI is willing to host a mini IPL or IPL overseas with all the eight teams participating," BCCI president Anurag Thakur said at the conclusion of the Board's Working Committee meeting in Dharamsala.
"It will be a shorter format, not home and away matches but a lesser number of matches. In a two-week window we should be able to complete it," he said.
The BCCI move was on the cards with the scrapping of the Champions League T20 last year.
The details of the shortened version of IPL are yet to be chalked out and possible venues are US and UAE, which has already hosted part of the IPL in 2014.
The full-fledged IPL lasts about for almost two months.
The ninth edition of the tournament was held in India from April 9 to May 29.
Minutes after Thakur's statement, the BCCI issued a release stating that "BCCI will explore the option of hosting Mini IPL overseas in September".
Going overseas is not new to IPL as the entire 2009 edition was held in South Africa due to the general election in India.
Anil Kumble's appointment as the head coach of the Indian team was also approved at the meeting.
In another significant decision, the Committee approved that an Under-19 Cricketer can represent India only once in the Under 19 World Cup and any player entering the system at Under 19 stage can play only two seasons of Under 19 cricket.
Amongst other decisions taken, the BCCI will now have a separate marketing budget for the promotion of the Test cricket.
"The BCCI and the State Units will work together towards promotion and marketing of International matches," said the BCCI statement as the Indian team gets ready for a busy home season consisting of 13 Tests.
The Working Committee also approved the Technical Committee's recommendation to hold Ranji Trophy matches at neutral venues.
In another big change to domestic cricket, the Committee announced a new T20 league in place of Syed Mushtaq Ali Trophy.
"First, all state teams will play an Inter zonal league in their respective zones. All five zones selecting a zonal side to play an Inter Zonal League will follow it," the released added.
The release also stated that BCCI will start annual awards for state associations in categories like best website, best Facebook page, best Twitter handle, best Instagram, best media facility and best media operations.