The tournament will begin five days after conclusion of the ICC World Twenty20 which will also be hosted by India.
The ninth edition of the hugely-popular but controversy- marred League will conclude on May 29.
The Pune franchise was bought by Kolkata-based business tycoon Sanjiv Goenka's company New Rising, while the Rajkot bid was won by Intex Mobiles.
Rajkot and Pune will have draft picks on December 15 and Pune will get to pick the players first.
Also Read
The two new teams will have a minimum of Rs 40 crore and a maximum of Rs 66 crore to buy their playersThe cricketers who will remain unselected will go to general pool to be available for fresh auction, scheduled for February 6 in Bengaluru.
Both the CSK and RR will be allowed back in the league after serving out their suspension.
Appreciating the marvellous performance by India in the Test series against world number one side South Africa, the Board also announced an award of Rs 2 crores for the team.
India blanked the Proteas 3-0 in the four-match series.