Originally posted by mathalaichandar I happen to check my camerabag and found some wierd white spots on my lens. Could someone able to figure out what that is and will that affect the perfomance of the lens
That is fungus and since your front element surface appears clean, it is on an internal element. You will not see it as any sort of dust in your shots, but as others have said, it will have a minor effect on your sharpness and lower your contrast. However, if allowed to grow, it will eventually reach a point where you'll have a 'soft focus' lens.
If the lens is under warranty, return it. If not, you have to decide whether to live with it, have it cleaned (probably around $250-300), or buy a new or used one (around $400 new) and sell yours at a bargain price.
As other have said, fungus thrives with humidity and darkness. So for starters, try to store this lens with the lens cap off in the light of a room. I live in a very humid environment and so I either try to store my gear somewhere with 24/7 air conditioning or in a dry box with rechargeable desiccants. It's either that or replacing my lenses every 5-10 years. This is less of an issue with prime lenses or WR/AW zooms, but as you can see, fungus can grow in these too.
I teach both film and digital photography, and sadly I see this often. I run a 21 enlarger darkroom, and if I don't actively protect all those enlarging lenses, they will all have fungus in a few years. Darkrooms are dark and humid places. FWIW: I run an a/c 24/7 in the darkroom with an ionizer and ozone generator when it is not occupied. When the lenses are not going to be used for a few months, I put them into an airtight Pelican case with a rechargeable desiccant to keep it dry.