The Indian Board (BCCI) recently agreed to resume the bilateral ties with Pakistan, with a short one-day series between the two nations in December 2012-January 2013.
However, Butt said if India didn't play a home series to Pakistan, even at a neutral venue by next year, the financial health of the PCB could turn pretty bad.
"We haven't played a bilateral home series with India since 2006 and to compound matters for us, international tours have also not taken place in Pakistan since the 2009 incident.
So, it is very important for us to get something out of the series with India this year," Butt said.
"When we play a home series against India, we earn USD 40 to 45 million from the broadcasting rights. Similarly, when India hosts us they earn around USD 100 million in media rights," he added.
The former chairman pointed out that Pakistan board needed a steady flow of income to run its affairs.
"Cricket is an expensive game to run and you need money for that. When I was the chairman, I tried to get maximum revenues from the ICC for the 2011 World Cup. But playing India for us is far more important.
"Our financial position will get worse if we don't play a series with them. That is why I am saying that when we go to India to break the ice this year we must get an irrevocable commitment from them that they will play us in 2013 at a neutral venue of our choice if they don't want to tour Pakistan," he insisted.
Butt said Pakistan should also push India to share the revenue generated from the scheduled series. Butt, however, added "If BCCI doesn't agree on that (sharing the revenue) then PCB should get a commitment for playing a home series."
"We need urgent compensation for the cancelled tour of 2009. Most Test playing nations depend a lot on generating revenues by playing India and Pakistan is no different from them," he said.