Shaharyar told the media in Lahore that he was given a formal proposal by his Indian counterpart Shashank Manohar during a phone call yesterday.
"Shashank Manohar called me up on Friday evening and told me they have got clearance from their government to play against us. But he said they wanted to play the series in India and not in the UAE," Shaharyar said.
"Manohar also said that the Indian board would provide the best security to our team and schedule the matches in places like Mohali and Kolkata where there is no problem at playing a Indo-Pak match," Shaharyar added.
The PCB chief said that he had however informed Manohar that Pakistan would like to play the series in December in UAE as per the MOU signed with the BCCI.
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"Why should we play our home series in India and not in UAE which is stated in the MOU and there is the matter of security for our team and plus the nearly USD 50 million that we expect to earn from hosting the series," he said.
The PCB chief however said he was not authorised to take a decision on Manohar's offer and he would consult the board of governors when they meet on 17 November.
"But more importantly I have to first also seek clearance from the prime minister for any decision we take. At the moment I have told the Indian cricket chief to send us a detailed proposal in writing," he said.
"In my personal opinion we should not go to India as it is our home series and the BCCI should honor the MOU they signed with us which states Pakistan will host this series," Sethi said.
Sethi was chairman of the board when the PCB and BCCI signed a MOU last year under which the two countries will play six series against each other between 2015 and 2023 with Pakistan hosting the first series in December this year in UAE.