"Since the matter is a bilateral one between two boards the ICC can only talk to them but not compel them to play against each other bilaterally," Zaheer told the media in Lahore.
Last week, BCCI Secretary Anurag Thakur had said that there will be no revival of cricketing relations between the two countries unless outstanding political and diplomatic issues are resolved.
A well-informed official told PTI that Shaharyar was very disappointed after the cancellation of the talks between the national security advisors of the two countries.
"He was also disappointed with the statement that followed from the Indian cricket board secretary Anurag Thakur regarding playing cricket with Pakistan," the official said.
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The source said that Shaharyar had dropped his plans to visit India for talks with BCCI and government officials to convince them to have the series in December in the United Arab Emirates.
The source said that if India didn't honour the MoU the PCB would try to raise the issue at the ICC executive board level since the December series was their home series.
"Whenever it is our home series we get this feeling India has avoided playing us since 2007 and we have incurred big losses. We even went to India in 2012/13 without taking any big money as a goodwill gesture. But now it is not just about cricket but also finances," he said.