Shahryar told the media in Lahore that in case Pakistan pulls out of the World Cup, the PCB would have to pay a penalty to the world governing body of the sport.
"I just spoke to the Prime Minister's secretariat today and until the government has not given clearance to send the team to India for the World T20," Shahryar said.
"All these stories about the ICC threatening us with legal action or the Prime Minister having cleared the tour are not correct.
"If we pull out our team from the World T20 then we will have to pay a penalty to the ICC," the PCB chief said without disclosing what the amount could be.
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But a reliable source in the PCB told PTI that the government was likely to clear the tour to India.
"It is a routine protocol that the PCB is following but all the vibes from the government quarters is that prime minister Nawaz Sharif will give clearance for the team to go to India," the source said.
On Monday, the country's Cricket Board said it is not under any pressure from the ICC to send its team and a final decision remains solely dependent on government clearance.