Fictionalization or re-telling of myths has become a lucrative venture because of the ever-growing demand for new stories from the visual media and a huge overseas market. The re-telling of myths, per se, is nothing new; after all, we have had so many versions of the Ramayana in our country but the contemporary re-tellings are found to be subversive, artistic as also political interventions. My paper discusses these aspects besides dwelling on the conflict between the indigenous milieu insisting on reverence to cultural icons and the ongoing globalization that favours a postmodern playful irreverence. As the corpus of texts re-told keeps on expanding with writers like Ashok Banker, Namita Gokhale, Chitra Banerjee Divakaruni, Amish Tripathi, Ashwin Sanghi, Nilanjan Chowdhary, Krishna Udayshankar…the list is endless, it appears to be opportune time to debate the issues involved.