A senior board official confirmed that the PCB was still waiting for a reply from the Indians on the matter which has dragged on for the last nine years due to heavy taxing by the Indian government on earnings from sporting events.
"However we are confident that we will our final share soon since the Indian government recently gave a tax exemption to the Indian board on next year's ICC Champions Trophy which will be hosted by India," the official said.
"In the last few years the problem has been that the Indian board has faced problems with its government over tax issues and despite the appointment of an arbitrator the outstanding amount of $3.7 million could not be cleared."
Pakistan, India and Sri Lanka jointly hosted the 96' World Cup with an organizing committee known as PILCOM and made up of members from all three countries organizing the tournament and managing all other financial matters.
The PCB official said since PILCOM was based in India and all financial transactions were made through it that is why it was responsible for distributing the profits of the World Cup to the organizing countries.
"We did receive initial payments from the tournament earnings but than the final clearance was held up due to the tax problems with the Indian government which is now being resolved."
The official said that the PCB Chairman Shaharyar Khan had offered to travel to India for the purpose of meeting with Indian government officials to help clear the matter but the Indians had so far not responded to this offer.
The Indian team is also due to tour Pakistan early next year to play three tests and five One-day internationals and the official said the BCCI's response on the proposed venues had been very positive including a Test in Karachi.