import re
s='U.S.A is abbr x.y is not. But I.I.T. is also valid ABBVR and so is M.Tech'
print(re.sub(r'\b((?:[A-Z]\.)+)\.?|\.', lambda x: x.group(1).replace('.', '') if x.group(1) else ' ', s))
aW1wb3J0IHJlCnM9J1UuUy5BIGlzIGFiYnIgIHgueSAgaXMgbm90LiBCdXQgSS5JLlQuIGlzIGFsc28gdmFsaWQgQUJCVlIgYW5kIHNvIGlzIE0uVGVjaCcKcHJpbnQocmUuc3ViKHInXGIoKD86W0EtWl1cLikrKVwuP3xcLicsIGxhbWJkYSB4OiB4Lmdyb3VwKDEpLnJlcGxhY2UoJy4nLCAnJykgaWYgeC5ncm91cCgxKSBlbHNlICcgJywgcykp