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The money will be shared respectively by the Mary Kom Regional Boxing Foundation and The Voice of Stray Dogs
Panghal bettered his silver from the last edition as he out-punched European Championship silver medallist England's Kiaran MacDonald.
Panghal, who is vying to win the yellow metal after his silver in the last edition, came from behind to beat an aggressive Patrick Chinyemba of Zambia.
Panghal had won a silver medal during the last edition in Gold Coast.
Olympic bronze medallist Borgohain was out-punched by last edition's silver medallist Rosie Eccles of Wales.
Zareen will next face reigning Commonwealth Games bronze medallist Troy Garton of New Zealand in the quarterfinals, where a win will secure her podium finish.
Lovlina outpunched the New Zealand pugilist Ariana Nicholson, who is 15 years her senior, in the 70kg competition. She will now face Rosie Eccles of Wales in the quarterfinals.
India's Chef de Mission Rajesh Bhandari, who happens to be the vice-president of the Boxing Federation of India, was not pleased with the development.
India will take on Pakistan in badminton mixed team event.
World Champion Nikhat will open her campaign against Helena Ismael Bagao of Mozambique on Sunday.