Hi Nisha
It sounds like a bad idea really.
Since I suppose you'll have to proof that to some extent:
You'll want to have a look at SAP Note
1090842 - Composite note: Transports across several releases
Quote from the SAP note:
For this reason, this SAP Note concerns only objects from the development environment. It does not concern any application objects (such as Customizing objects). Transports of any application objects and especially Customizing transports between various release levels are generally not supported even if they work without apparent technical problems.
Your systems have different Netweaver versions 702 vs 703. Technically it would be possible to retrofit but I would not recommend it. It could result in a lot of manual work, the risk of downgrading objects and so on.
Best regards
Tom