The Board announced that the suspension could be reduced to one month under certain conditions. Nawaz was also handed a fined of 200,000 rupees.
According to the Board, the suspension had come as a result of a notice of charge issued to Nawaz who admitted that he had failed to inform the PCB's security department on time about invitations by bookies to engage in spot-fixing.
"The suspension period may also be reduced if there is no additional breach of the PCB Code by Nawaz," the Board said.
"Nawaz in his written statement to the Board admitted that he had failed to inform the ACU about an approach made to him in Australia last year."
Nawaz is the sixth Pakistani cricketer to be suspended as a result of the PSL spot-fixing case.
Before him, the Board has suspended Test players Sharjeel Khan and Nasir Jamshed and international players Khalid Latif and Shahzaib Hasan who all are undergoing hearings.
Left-arm Test pacer Muhammad Irfan has already been banned for a year with a six-month suspended sentence after he also admitted to not informing the ACU about approaches made to him to spot-fix and accepted an agreed sanction against him.
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