"I would advise them to be very careful as the Indian board can't be trusted to keep their commitments," Miandad told PTI today.
His comments came after Pakistani prime minister Nawaz Sharif and Indian premier Narendra Modi shook hands and had a brief chat on the sidelines of the global climate summit in Paris.
Cricket analysts believe that this development could pave the way for the Indian government clearing the way for Pakistan and India to play in Sri Lanka in December.
"I would say don't rush into things and start having high hopes of financial gains from the India series. The Indian board has been constantly changing its stance and it appears they are finding excuses not to play us despite their commitment in the MOU signed between the two boards," Miandad said.
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"I wouldn't be surprised if they back out again from playing with us even in Sri Lanka," he added.
The veteran of 124 tests who featured in many memorable matches against India said the Indian board was now delaying matters by insisting on getting its government clearance.
He said the Indian board had disappointed him and the Pakistan cricket fraternity with their attitude towards playing Pakistan.
"We received a lot of love and respect whenever we played in India so this new attitude is strange to me," he stated.
He noted that Pakistan had always pushed for bilateral Indo-Pak ties but the Indians had always created hurdles on one pretext or the other.
Miandad said first the Indian board seemed ready to play the series and when the PCB got the government's approval the BCCI officials started hyping that they required their government's permission.
"I would advise the PCB and even the Sri Lankan cricket board to get India's consent in black and white and include a clause for financial compensation if they back out of their commitment once again," he said.