Hello Milind,
According to our Product Owner Sam Polichouk, the solution should be available for you in 4.1 SP3, which is currently scheduled for release by the end of March 2014 (subject to change). The product team recommends that you get the raw, unformatted data values from within the Dataset specific call. This data contains a type to tell the end user what kind of data it is, so you can format it or use it properly.
The updated documentation for the SDK will be available at SAP BusinessObjects Business Intelligence platform 4.1 – SAP Help Portal Page once the Support Pack is publicly released.