Yes!!! exactly! I have modified the code in the following way...
Byte[] encryptedData = myrsa.Encrypt(newdata, false);
FileStream fs = File.Open(FilePath,filemode,FileAccess.Write);
sw = new StreamWriter(fs, Encoding.ASCII );
sw.WriteLine(Convert.ToBase64String(encryptedData));
Thank you all for the help!!!
Have a Happy Coding.....