Note: I have answered my own question for Bot and Spider Filtering , please provide if any better solution for the Cons mentioned below and avoid referral spam
Google Analytics Google team announced Introducing Bot and Spider Filtering to get away with referral spams,bots in Analytics Entries !
Introducing Bot and Spider Filtering
Many of you have shared with us that it’s hard to identify the real
traffic that comes to your pages. That’s why I’m pleased to announce
that we’re adding bot and spider filtering.
You can simply select a new checkbox option which would be included in
the view level of the management user interface. This option would be
labeled "Exclude traffic from known bots and spiders". Selecting this
option will exclude all hits that come from bots and spiders on the
IAB know bots and spiders list. The backend will exclude hits matching
the User Agents named in the list as though they were subject to a
profile filter. This will allow you to identify the real number of
visitors that are coming to your site.
Nestlé has been testing it and has found great benefit:
“The Bot filter solution is essential for getting deeper insights.
View level availability let us stay fully aligned with Best Practices
provided to all site owners. Very easy to use, understand and
communicate across thousands of Google Analytics users.” ~ Katarzyna
Malik, Nestlé Google Analytics Specialist
Happy Analyzing!
Posted by Matthew Anderson, Google Analytics Team
Steps to enable Bot Filtering:
Go Google Analytics home page and click on the Admin tab.Click on View settings

select Bot Filtering to get rid of known bots and spiders option.

This will remove the spam hits from their analytics for only upcoming analytics data. So this solution has two cons!!
Cons:
Historical data will not be affected by this option, i.e. spam hits
which were made in the past will remain in your data, Google will
only filter your future hits.
Google promises to remove hits from known bots, which means that the
time from the new bot appearance to the moment when it will be
included in the Google filter list can be indefinitely long. I use
this solution for the last week though and didn't find any new bots
breaking through the filter
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