Sources say the hike has increased to 300 percent.
Besides the basic salary, each MP gets a daily allowance of Rs 1000 per day when Parliament is in session.
A member is also allowed for a constituency allowance of Rs 20,000 per month and office expense of another Rs 20,000 each month.
Apart from these allowances he is entitled to a certain number of air journeys, AC first class train travel, rent free flat or hostel accommodation through out the term of his house.
Congress chief Sonia Gandhi had given nod to revise salary for MPs, a contentious issue which has put the government in the line of fire and anger across party lines.
RJD chief Lalu Prasad earlier protest on the pay hike in the parliament has now accepted his demands.