Pan(d)shood - what does it really mean?

Panshood/Pandshood/Panshuud is an Indian (Hindi?) expletive which is also used by some Pakistanis and I guess Bangladeshis too (I never got my head around to who was from where exactly because to me they were all British first and foremost).

Today I watched the movie Slumdog Millionaire and this expletive is also used quite frequently, so I wondered what it really means. I think it is used instead of the f word, but I wonder if there's more to it?

Could this be 'bahin kachut'? Apparently it's a common (and vulgar) term of abuse, which found its way into British soldiers' slang as 'barnshoot'. This is from Wordorigins.org:

As for bahin kachut, it’s the last word that I’m interested in. It tuns out that the phrase carries the suggestion of action only by implication. I eventuallly found it in my Oxford Hindi-English dictionary, and the phrase literally translates as simply “sister’s vulva”.

I first met it in "Nightrunners of Bengal", a novel about the Indian rebellion of 1857 by John Masters.

Well, to be frank,you would find people from the Indian Sub-Continent (I am from India) use this word quite frequently. And as with every slang, its not said or taken as seriously as it would actually mean.
The word that is mostly used is 'behen-chod' , which would mean sister-f*cker . And behen-ka-chut is not used so commonly.