The decision was taken by the BCCI at its working committee meeting on Monday. A board statement gave out few details, saying that modalities of the series would be "worked out shortly."
Bilateral cricketing ties were snapped following the Mumbai terror attacks in November 2008, though the two countries have played each other in the World Cup, Champions Trophy and Asia Cup.
The decision comes after prolonged, high-level consultations between officials of the two boards and, latterly, of the two governments. BCCI president N Srinivasan and PCB chief Zaka Ashraf have held several discussions this year regarding resumption of ties, with Pakistan hoping to fit in a series at the end of the year, during the Christmas break in England's tour of India. After the last of those meetings, on the sidelines of the ICC's annual conference in June, Ashraf had said Pakistan were ready for progress on the series but Srinivasan said he would only be able to commit after checking with Indian authorities.
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