The IOC lifted the 14-month old ban on India after the Indian Olympic Association (IOA) barred charge-framed officials from its fresh election held on Sunday in which World Squash Federation chief and younger brother of BCCI boss N Srinivasan, N Ramachandran, was elected as the president.
"The IOC has informed us through telephone that the ban on India has been lifted," newly-elected IOA Secretary General Rajeev Mehta told PTI.
The decision comes after the IOC's three observers for the elections left Indian shores "satisfied with the IOA elections promising to submit a "favourable report to the IOC President".
Jerome Poivey, IOC's head of institutional relations, event went on to state that the amended IOA constitution was one of the best in the world and it should be implemented fully.
All India Tennis Association (AITA) chief Anil Khanna was elected Treasurer in the polls which marked the exit of corruption-tainted Abhay Singh Chautala and Lalit Bhanot from the IOA.
It all started 14 months ago when on December 4, 2012, the IOC suspended the IOA for adhering to the government's Sports Code and for allowing tainted persons to take part in the election process.
In an act of defiance, IOA went ahead with the polls next day. The world body refused to recognise Chautala and his team of office bearers.
The IOC later proposed a meeting with the IOA and government representatives but maintained that the Indian body must hold its elections solely under Olympic Charter to return to the Olympic fold.
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