Here the solution I found for mz second question,please comment if its a wrong approach.
Thanks Menon Hema ,you made me think.
<?xml version="1.0"?>
<xsd:schema targetNamespace="http://www.hello.org" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns="http://www.hello.org" elementFormDefault="qualified">
<xsd:include schemaLocation="toshowlist.xsd"/>
<xsd:element name="Root">
<xsd:complexType>
<xsd:sequence>
<xsd:element name="Value" maxOccurs="unbounded">
<xsd:complexType>
<xsd:sequence>
<xsd:element ref="Value_type"/>
<xsd:element name="Amount" type="xsd:string"/>
</xsd:sequence>
</xsd:complexType>
</xsd:element>
</xsd:sequence>
</xsd:complexType>
</xsd:element>
</xsd:schema>
*///////////////
<?xml version="1.0"?>
<!-- edited with XML Spy v4.1 U (
http://www.xmlspy.com) by () -->
<xsd:schema targetNamespace="http://www.hello.org" xmlns="http://www.hello.org" xmlns:xsd="http://www.w3.org/2001/XMLSchema" elementFormDefault="qualified">
<xsd:element name="Value_type" type="list">
</xsd:element>
<xsd:simpleType name="list">
<xsd:restriction base="xsd:string">
<xsd:enumeration value="abcd"/>
<xsd:enumeration value="efgh"/>
<xsd:enumeration value="saas"/>
<xsd:enumeration value="sasas"/>
</xsd:restriction>
</xsd:simpleType>
</xsd:schema>
*////////////////////////
<?xml version="1.0" encoding="UTF-8"?>
<Root xmlns="http://www.hello.org" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.hello.org
toshow.xsd">
<Value>
<Value_type>abcd</Value_type>
<Amount>
String</Amount>
</Value>
</Root>
Regards
Balaji