It is presented annually by the Department of Cultural Affairs, Maharashtra.

Award instituted in 1998 to recognises individual for their "Lifetime Achievement to Hindi cinema".

The accolade includes a certificate, a shawl, and a monetary award of ₹5,00,000.

[1] The Government of Maharashtra created the award to commemorate the contribution of Indian actor & filmmaker Raj Kapoor.

Kapoor (1924–1988), who is popularly known as greatest and most influential actor and filmmaker of Indian cinema.