Rohit:
The short answer is "no": Here's a link to the same question on the boards several years back:
www.project-management-prepcast.com/kune...0your%20PMP%20status
.
The longer answer is "why not?" The paid membership gives you access to a boat load of materials for professional project management. I get it that professional society memberships are expensive: I pay well over $1000 USD per year to maintain society memberships because there is value in those memberships. I can categorically state that ROI for PMI membership is higher than the other two professional societies of which I belong.
Best,
Harry