In my opion two wrong dont make a right. There are several ways to react to all the accusations India is making but stop playing cricket with them should not be the way. Cricket and politics should be kept separate. There can be situations when they can't be kept separate and in my view this situation is not the one.
It's not like India has done this for the first time. They do it most of time whenever something happens and there have been times when both the teams still continued to play cricket. If we have played with them in the past then we can't we play with them now when we need this tour badly?
The remotest possibility of any non-asian side touring Pakistan in the future will die with the cancellation of Indian tour. If I am not mistaken ICC will be using the Indian tour as a bench mark to decide on the future of cricket events in Pakistan.
India might cancel the tour but PCB has every right to make efforts to avoid this cancellation. If not for the reasons Kamran Abbasi or Sambit Bal has stated, then atleast for the survivial of cricket in Pakistan.