Bipasha says the word twice in the film and Sudipto was very sure that he didn"t want the Board to either delete the word or beep it. Some of the other characters in the film use foul language too, but those parts have been beeped. He just didn"t want Bipasha"s part to get deleted because in that scene she has a fight with Maradona Rebello, whom she acts with. She supports as well as opposes him in the film.
The dialogue is apparently relevant in the film. Watch out guys, Bipasha is ready to spell venom!