Hi Kumar
Are you able to go into SU01 in 4.7 system and try the generate password button to see what happens? That is, do you get the same issue in SU01?
What did you set your GEN_PSW_MAX_SPECIALS value as in the 4.7 system? Also, what do you have for the RZ10 parameter login/min_password_specials. As per PRGN_CUST comments, SAP Note 662466 - SU01/SU10: Generated password contains special characters has information about the configuration.
Am suggesting this as it might be local issue and not GRC
Regards
Colleen