The PCB will review the suspension after six months, at which point Irfan's contract may be restored. Over seven feet tall, he has played four tests, 60 one-day internationals and 20 Twenty20 internationals.
The PCB said last month it was investigating whether an international betting syndicate was trying to influence matches in the PSL.
"You are aware that on March 14 the board called in and suspended me on the basis of two allegations, out of which I accept that it was my fault that I failed to let the board know when bookies approached me," Irfan told reporters on Wednesday.
"I am formally asking the nation for their forgiveness and hope that I will be pardoned by them."
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Pakistan were involved in spot-fixing case in 2010 when three players - Mohammad Amir, Mohammad Asif and Salman Butt - were suspended and later jailed for their part in incidents during a test match against England at Lord's.
All three are now playing competitively again, with Amir part of the Karachi Kings' squad for this season's PSL.
(Reporting by Shravanth Vijayakumar in Bengaluru,; editing by Julian Shea and Ed Osmond)
