Hi RajiReddy,
If you have generated the PGP key then after that Basis task is almost over. You just need to place the keys at right place in the server and do configuration.
Below is the Shabarish Vijayakumar amazing blog on this and it is as simple as it can be
PGPEncryption Module: A Simple How to Guide
Please follow it , you will certainly be able to execut the scenario. And if some error comes which is not getting resolved you can again post a specific discussion to that.
One thing which Basis people would need to do in particular is JCE Juridiction -
B2B Adapters - Updating to JCE Unlimited Strength Jurisdiction Policy
This to support your PGP keys in PI server.
Regards,
Vikas