How To do this effect? see background image through the text effect

Make the text in registration color and set the frame (whole object) to screen.

Hi Hima,

The Blog post that Peter linked to shows how to create the effect you are looking for, except that it works on the text frame itself, rather than cutting the text out of another rectangle. So what you could do, is to create a rectangular text box the size and shape you desire, then follow the instructions as in Peter's linked post (using the Effects panel), then adjust where your text sits in the box by going to OBJECT>TEXT FRAME OPTIONS, then adjusting the left, right, top and bottom insets to get the type to sit where you want.