The Department of Posts, Government of India, released a commemorative postage stamp in the memory of LV Prasad on 5th Sept, 2006 in Hyderabad . The postage stamp was released by Hon’ble Union Minister of State for Communications and IT, Dr, Shakeel Ahmed.

The late L V Prasad will always be remembered for his magnificient contribution to Indian cinema through trendsetting family entertainers such as Gruha Pravesam, Ilavelpu, Sharada, Milan, Khilona, Daadi Maa, Ek Duje Ke Liye etc. One of the founder members, his long and fruitful association with the Guild dates back to mid 60s as he actively participated in many forums and meetings pertaining to various issues concerning the entertainment industry in the capacity of Member, Council of Management of Guild. In fact, the house of Prasads and the Guild continue to have an enduring relationship. Today, LV Prasad’s son Ramesh Prasad is a leading member of the Guild   

Union minister of state for Coal Dr.Dasari Narayana Rao, Minister of Finance Dr. Rosayya, Chairman of Eenadu group Ramoji Rao, Chairman of LV Prasad Eye Institute Dr Gullapalli Nageswara Rao, actor Kamalhasan, Chief Postmaster General Renuka Menon, were also present during this event amongst others.

This honor bestowed upon the late L V Prasad is a befitting salute to one of the all time legends of Indian cinema who has enthralled audiences all over the world with his simplistic yet meaningful cinema.