You are getting this error because module search path only includes the current directory, and not its parents; and since your other module is not in the PYTHONPATH it isn't available to import.
You can find this out yourself by printing sys.path in your script.
I created a directory t with the following:
$ tree
.
├── a.py
├── bar
│   ├── __init__.py
│   └── world.py
└── foo
    ├── hello.py
    └── __init__.py
2 directories, 5 files
Here is the source of hello.py:
$ cat foo/hello.py
import sys
print("I am in {}".format(__file__))
for path in sys.path:
    print(path)
from bar.world import var
print(var)
Now watch what happens, when I execute foo/hello.py and try to import something from bar/world.py; 
$ python foo/hello.py
I am in foo/hello.py
/home/burhan/t/foo
/usr/lib/python2.7
/usr/lib/python2.7/plat-x86_64-linux-gnu
/usr/lib/python2.7/lib-tk
/usr/lib/python2.7/lib-old
/usr/lib/python2.7/lib-dynload
/home/burhan/.local/lib/python2.7/site-packages
/usr/local/lib/python2.7/dist-packages
/usr/lib/python2.7/dist-packages
Traceback (most recent call last):
  File "foo/hello.py", line 6, in <module>
    from bar.world import var
ImportError: No module named bar.world
You can tell from the paths printed that only the system-wide Python library paths, and the current directory of the script is listed. This is why it cannot find bar.world.
To fix this issue, you can adjust the PYTHONPATH or use relative imports; for example:
$ PYTHONPATH=../t python foo/hello.py
I am in foo/hello.py
/home/burhan/t/foo
/home/burhan/t
/usr/lib/python2.7
/usr/lib/python2.7/plat-x86_64-linux-gnu
/usr/lib/python2.7/lib-tk
/usr/lib/python2.7/lib-old
/usr/lib/python2.7/lib-dynload
/home/burhan/.local/lib/python2.7/site-packages
/usr/local/lib/python2.7/dist-packages
/usr/lib/python2.7/dist-packages
42
You notice here I am manually overriding the PYTHONTPATH and adding the common parent of the scripts (42 is coming from bar/world).
To fix this using relative imports, you first have a to create a package in the top most directory, otherwise you'll get the famous Attempted relative import in non-package error; for more on this and details on how Python 3 importing works, have a look at: Relative imports in Python 3