Hi Rohit,
It is very strange, isn't it. I can't work out what is causing the problem.
My current code is:
Export["pic.png",
Graphics[{EdgeForm[{Thick, Green}], Frame -> None,
ImagePadding -> None, PlotRangePadding -> None,
Rectangle[{0, 0}, {640, 480}],
Style[Text["some text", {120, 50}], FontSize -> 24,
FontColor -> White]}]]
And that produces:

Although it isn't clear, because the background of this forum is also white, there is definitely a 5px'ish border. When I import the image I can see it more clearly. I will try cropping it within MMA, and exporting the cropped image to try and work out if the problem is with Graphics[] or Export[] - which seems unlikely.
Cheers
Andy