Dear Shyamal,
Thanks so much for your suggestion and thanks to Eli Klovski as well for his endorsement.
Since receiving your solution I have been trying to find menu path (from both front-end and IMG) to define new status version and then assign it to plan budget version but could not found. Currently I have only one status as STAT01 for both plan and actual version in FMBOSTAT.
Kindly refer the menu path to define the required status so I could assign a status to plan budget version as per your suggested solution. Any additional advise will be appreciated.
Regards