FWIW, I agree with Dylan16807. Compare "quickly planning" to "quick planning". Why are both an adjective and an adverb allowed in the same position? Because the adverb is part of the subordinate clause implied by the gerund (where it's treated as a verb), while the adjective is part of the main clause and modifies the gerund (as a noun). "No" is (syntactically) an adjective, so unless it fits into a known colloquialism or special case that bends grammar rules for the sake of brevity, its role in "no smoking" must be the latter - part of the main clause. But then the gerund is treated no differently from any other noun, and "no" does the same trick it always does: "no X does Y" is (always) shorthand for "(an X which does Y) does not exist". "No smoking is allowed" is no different from "no help is available" or "no money has been taken".

(edit: changed first example to something more idiomatic)