India's cricket board (BCCI) revealed the news on Wednesday when they announced a list of 30 players who had been handed contracts.
Iyer was on a Grade B contract last year while Kishan was handed a Grade C contract but despite playing in the 50-over World Cup last year, the BCCI said both players were not considered in this round of recommendations.
Iyer was one of seven batters to score over 500 runs at the World Cup. But neither he nor Kishan has played for their state teams in the Ranji Trophy after being dropped from the Indian national team.
"The BCCI has recommended that all athletes give precedence to participating in domestic cricket during periods when they are not representing the national team," BCCI secretary Jay Shah said in a statement.
Skipper Rohit Sharma, Virat Kohli, Jasprit Bumrah and Ravindra Jadeja have been retained in Grade A+ contracts, which were worth 70 million rupees ($A1.3 million) last year.
BCCI PLAYER CONTRACTS FOR 2023-24
Grade A+: Rohit Sharma, Virat Kohli, Jasprit Bumrah, Ravindra Jadeja
Grade A: Ravichandran Ashwin, Mohammed Shami, Mohammed Siraj, KL Rahul, Shubman Gill, Hardik Pandya
Grade B: Surya Kumar Yadav, Rishabh Pant, Kuldeep Yadav, Axar Patel, Yashasvi Jaiswal
Grade C: Rinku Singh, Tilak Verma, Ruturaj Gaekwad, Shardul Thakur, Shivam Dube, Ravi Bishnoi, Jitesh Sharma, Washington Sundar, Mukesh Kumar, Sanju Samson, Arshdeep Singh, KS Bharat, Prasidh Krishna, Avesh Khan, Rajat Patidar.
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