There is no agreements signed for any matches with Pakistan. India still can get away with pretty much anything, and there wont be much fuss about 'not playing'. As of lossing points, it's just blunder made by PCB who is desperate.
The ICC, in an official communique following its Executive Board meeting earlier, had explained that the Test league will see nine teams play six series over two years – three home and three away – with each having a minimum of two Tests and a maximum of five, and all matches being played over five days culminating in a World Test League Championship Final.
This means India can still avoid playing against Pakistan in the Test league by opting to play against six other teams. No country is bound to play every country in these leagues and the leagues will be scheduled only after being mutually agreed upon by the two competing boards.
So, I think it's is safe to say stfu to PCB. You ain't playing with us.
IMO there should be bilateral matches, not because we must play with Pakistan.
The GOI may not want Pakistan making money out of BCCI.