Python String Split ^\ is not working

Opening my input file in vi editor is like

ACT211111011100000000000000000000000606018^\10421040036991^\M/S DOHAR TRADERS^\BD^\167^\050^\000000579300^\000000579300^\
ACT211111011100000000000000000000000606018^\16711010000040^\M/S RAKIB TRADERS^\BD^\167^\050^\000100200386^\000100200386^\
ACT211111011100000000000000000000000606018^\16711010000101^\M-S, OVI ENTERPRISE^\BD^\167^\050^\000000000000^\000000000000^\
ACT211111011100000000000000000000000606018^\16711010000110^\MS. PUSPALATA CONSTRUCTION^\BD^\167^\050^\000000117900^\000000117900^\

I want to split the string like

ACT211111011100000000000000000000000606018 10421040036991 M/S DOHAR TRADERS BD 167 050 000000579300 000000579300

Here i have given the code that i am testing

#!/usr/bin/python
import os
flag220 = 0
f=file("/oasis/ist75/tmp/aa","r").readlines()
linecount=len(f)-1
for i in range(linecount):
        mycmds = []
        index = linecount-i-1
        line = f[index]
        split_line =  line.split()
        print split_line[0]
        if split_line[0].strip() == "ACT211111011100000000000000000000000606018":
            j=index-1
            flag220 = 0
            while j>-1:
                print f[j]
                flag220 = 1
                break
            j=j-1

        if flag220 == 1:
                for j in range (len(split_line)):
                    if split_line[j]=='050':
                        value = split_line[j+1]
                        print value
                        mycmd = './balance.sh ' + value + split_line[1].strip()
                        mycmds.append(mycmd)
                        break
for x in range(len(mycmds)):
    print mycmds[x]
    os.system(mycmds[x])
    mycmds=[]

The print split_line[0] output is looking like ACT21111101110000000000000000000000060601810421040036991M/S which is incorrect. please help me in this regards.