Instituted by the city-based Yashwantrao Chavan Maharashtra Open University (YCMOU), the "Kusumagraj Rashtriya Sahitya Puraskar" carries cash prize of Rs one lakh, a memento and a citation.
Rahi will be handed over the award at a function to be held at the YCMOU soon, the varsity stated in a release.
The award is instituted after Jnanpith-laureate Marathi poet and playwright late V V Shirwadkar, popularly known as "Kusumagraj".
A prolific writer, he also wrote in Hindi and Urdu languages.
Rahi also made the film Veer Savarkar (2001), a biopic on the life of revolutionary Vinayak Damodar Savarkar.
He was director of 1991 Doordarshan television serial, "Gul Gulshan Gulfaam".
Rahi has written dialogues for several Bollywood movies, including "Bejuban", "Charas", "Mom ki Gudiya" etc.
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