Whenever i run compiled programs in "Dev C++" by bloodshed "gmon.out" file appears on the same directory as the compiled program.

What is this and how do i make it so that it doesnt appear?

Part of learning how to program is cultivating the ability to research. You should research the file before you decide you don't want it to appear because it is sort of an important file. ;)

Option: -pg
Generate extra code to write profile information suitable for the analysis program gprof. You must use this option when compiling the source files you want data about, and you must also use it when linking.
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What is gprof?
gprof is the GNU Profiler, a tool used when tracking which functions are eating CPU in your program.

is this right???

Right. So if you don't need the debugging information, you can run the compiler without the -pg switch. I don't remember how to do it though..