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'Phas Gaye Re Obama' is comedy set against the backdrop of global recession/meltdown that originated in USA. The film traces the journey of OM Shashtri, an American citizen of Indian origin, who loses all his wealth overnight to the global recession and has been asked to vacate his home by the bank unless he pays up $100,000 (mortgaged amount) within 30 days. Seeing no other option Om comes to India to sell a small piece of an ancestral property. But within days of landing in India he is kidnapped by a 'recession hit' underworld gang those who think that he is still a millionaire. What happens to Om, is he able to save his home, how did the 'poor' gangster cope with their 'poor' catch and what do small town Indian gangsters have to say to President Obama... is largely forms the rest of the story. The film, showcases how global recession/ meltdown impacted lives from an America based businessman to underworld dons in the dusty plains of small town India.