Durrani, a former Test cricketer, was presented with a trophy and Rs.15 lakh.
Sachin Tendulkar was given the Polly Umrigar award for being the best Indian cricketer in the 2009-10 season.
Each player of the Indian team was awarded a cheque of Rs.2 crore for winning the World Cup after 28 years.
"I thank everyone for the support we got in the World Cup. It is a great moment for us. I thank the people all over India and our fans outside the country for supporting the team," said captain Mahendra Singh Dhoni.
"From the time we started playing cricket right from school, we always dreamt of representing the country. Winning the World Cup is a proud moment. It could not have been possible without the experienced players and the determination of youngsters who have proved themselves," said Dhoni.
Tendulkar, who broke many records last season, received a trophy and cheque for Rs. 5 lakhs. He scored 1,064 runs in 10 Tests, which included one double hundred and five hundreds. In 12 ODIs, Tendulkar made 695 runs at a average of 69.5. He also scored the first double hundred in ODIs which came against South Africa at Gwalior in February 2010.
"I thank the BCCI for considering me worthy of the award. I thank the team and Dhoni for making it possible (World Cup)," said Tendulkar while lauding Dhoni for his leadership.
It was a trip down memory line as Durrani recounted some notable moments of Indian cricket.
Durrani said it was great feeling for him to be honoured.
"I am overwhlemed to get the award in the presence of some great cricketers like Kapil Dev, Ajit Wadekar and Chandu Borde. It is an emotional moment for me," said 74-year-old Durrani, who played 29 Tests, scoring 1,202 runs at an average of 25. He took 75 wickets that included three five-wicket hauls.
Durrani was an aggressive left-handed batsman and an outstanding left-arm spinner. He was one of the chief architects of India's first Test series triumph over England in 1961-62. Durrani had match haul of 8-113 in the fourth Test at Kolkata, and 10-177 in the fifth Test at Chennai.
Durrani was also one of the heroes of India's 1970-71 tour of the Caribbean, with his belligerent 104 in a Test at Port of Spain, where he helped shape a historic Test win - India's first in the West Indies.
Durrani's consistency with the bat, especially in crunch situations, enabled India achieve another Test series win over England at home. His proficiency with bat and ball took Central Zone to their first-ever Duleep Trophy win in 1971-72.
The top performers in international, domestic and age-group tournaments in the 2009-10
season were also awarded at the function.
Best Cricket Association of the Year for overall performance: Maharashtra
Best domestic umpire: K. Hariharan
Madhavrao Scindia Award (for most runs in domestic cricket): Manish Pandey
Madhavrao Scindia Award (for a bowler): Abhimanyu Mithun
M.A.Chidambaram Award for:
Best u-16 cricketer: B.Aparajith (Tamil Nadu)
Best u-19 cricketer: Bhargav Merai (Gujarat)
Best u-22 cricketer: Nataraj Behera (Orissa)
Best woman cricketer: Thirush Kamini
Best junior woman cricketer: Reva Arora
