"I have come to the court seeking a complete revamp of the Cinematography Act. Now in the modern world of Internet, social media, the present set has to change," Mr Palekar told NDTV.
The 72-year-old actor said he had also asked for action on the report of a committee headed by legendary filmmaker Shyam Benegal which, among other things, suggested that the censor board's role should be confined to certifying films on the basis of age.
Mr Palekar argues in his petition that when content on television and internet is free of censorship, the same content being altered, cut or deleted before being shown in a cinema hall is "an attack on our right to equality."
He has asked for a "complete revamp of the cinematography Act of 1952 and the censor board".
Mr Palekar says the "social situation has changed drastically" since a 1970 Supreme Court ruling that censorship was "valid and necessary" because cinema is the most influential media of mass communication.
"Today modern technology makes dissemination of information available in real time through a variety of media, many of which are either not regulated or if regulated, not subjected to precensorship," he said.
The legendary actor referred to recent censor board controversies like the demand to cut "Mann ki baat" from a film dialogue and a critically acclaimed film being blocked on grounds that it is "lady-oriented".