The 57-member board is made up of members from media organisations, public representatives and religious leaders.
There were reports that the producers of the film would release it in Pakistan by just the name "Tere Bin" to downplay the focus on the al-Qaeda leader, who is believed to be hiding in Pakistan's tribal areas.
Although it is a Bollywood film, "Tere Bin Laden" is unusual because it stars a Pakistani actor and pop star, Ali Zafar.
It's not unprecedented for Pakistan to ban films, especially if linked to its longtime arch rival India, but the impact of such censorship is likely to be limited.
Pirated movies are easily secured in Pakistan, where there are chains of stores that specialise in them. Indian films are popular in Pakistan, although only some make it to the big screens.