ORA-29309: export dump file was generated by different version of DBMS_PITR package
Cause : The version of DBMS_PITR is different from the version of the cloned database.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Load the version of DBMS_PITR which matches the version of the cloned database.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.