AIBA suspended IABF last year in December, citing the International Olympic Committee's ban on the Indian Olympic Association and "possible manipulation" in its elections.
The international body had asked the IABF to hold a re-election and amend its Constitution to fulfil the criteria of getting the suspension revoked.
"Some of the vice-Presidents and senior officials of the IABF, including President of the suspended body, Abhishek Matoria, met in Chandigarh on January 6. They discussed the constitutional amendments that have been suggested by AIBA and also went through the AIBA statute," an IABF source told PTI.
"The draft is in accordance with the AIBA statute and will be sent to them soon for approval. Once AIBA approves it, the amendments will be incorporated into the constitution and the next step would be a re-election," he added.
In the new draft prepared by the IABF officials, rules and provisions of AIBA Professional Boxing and the World Series of Boxing have been incorporated, as suggested by the world body.
"In our previous Constitution, professional boxing was not touched upon but in the amended one, the rules and provisions would be elaborated. Besides, the previous Constitution merely stated that elections to IABF would be held every four years without laying down ground rules and eligibility criteria for it," said the official.
"But in the amendments, the entire procedure will be laid down properly. This draft will be sent in a day or two and once we get the approval, things will become smooth," he added.