In my iPhone App I want to implemented functionality as shown below
Easiest way is to use a UIPanGestureRecognizer. That will give you messages when the view is moved and when it is dropped. When it is moved, update its center. When it is dropped, check if its position is within the bounds of the view you want to drop in. (You might need to convert coordinates to the target view's coordinate system.) If it is, do the appropriate action.