It could be regarded as another significant ‘milestone' on the road to Indo-Pak bonhomie.

People-to-people ties between India and Pakistan are all set to take a monumental leap with the impending release in Pakistan of the colour version of K Asif's 60s classic ‘Mughal-e-Azam', a development that could pave the way for the theatrical release of Indian films in the neighbouring country.

Pakistan President Pervez Musharraf earlier this week accorded sanction to the theatrical release of K Asif's ‘Mughal-e-Azam' in theatres across the country, lifting the decades long ban on distribution of Indian films there.

‘'It is a momentous event in the history of India-Pakistan relations, as it marks the overcoming of a 50-year barrier between the two countries that prevents the release of Indian films in Pakistan.

Given the huge popularity of Indian films and film stars like Dilip Kumar, Shah Rukh Khan, Rani Mukherjee and Urmila Matondkar among the Pakistani public, the decision to allow Indian films entry in that country has the potential to bring the people of the two countries closer,'' Mr Suryavanshi of the Sterling Investment Corporation, the negative right holders of K Asif's 60s classic, told.

In fact, trade sources point out that even in the absence of an official release till now, pirated VCDs of Indian films have been selling like ‘hot cakes' in Pakistan, which indicates the level of popularity enjoyed by these films among the local public.

In this context, they feel that a theatrical release in the neighbouring country holds tremendous revenue generation potential for Indian filmmakers who, in the face of falling returns on the domestic level in recent years, are on the lookout for additional sources of revenue in foreign markets.

‘'A film like ‘Mughal-e-Azam', if released in Pakistan, has the potential to earn twice the amount it has generated in India, i.e, nearly Rs 50 crore''Suryavanshi said. Ever since its release in India on Diwali last year, the colour version of the classic has earned nearly Rs 25 crore, an exceptional amount for a re-released film.

'‘Mughal-e-Azam' is also the perfect vehicle that could enhance the closeness between the people of the two countries. For, it is a film that has captured the interest of several generations of Pakistanis.

For example, while those in the older generation in Pakistan still remember how many of them used to travel all the way from Karachi and Lahore just to watch this movie in an Indian theatre, the younger generation in that country, having heard from their elders the tales of the ‘grand epic', would be curious to see it for themselves'' Mr Suryavanshi said.