Implementing Simple SeekBar in android

First, I think you should extend SeekBar.
Second, call canvas.drawText() in onDraw() method to draw text before SeekBar and after SeekBar.

This way you can refresh the textView in your onDraw method callback

You have already defined max value of seekbar

android:max="100"

Now you need to add two textviews on left and right of seekbar. Use Relative layout and align both textviews Left and Right to the parent.

Brontok's hint solved my problem. I just had to alter the XML. I want to share the result here:

<RelativeLayout
        android:id="@+id/relativeLayoutforPRICE"
        android:layout_width="fill_parent"
        android:layout_height="wrap_content" >

        <TextView
            android:id="@+id/PRICEtextViewProgressID"
            android:layout_width="wrap_content"
            android:layout_height="wrap_content"
            android:layout_alignParentLeft="true"
            android:layout_alignParentTop="true"
            android:text="Price"
            android:textAppearance="?android:attr/textAppearanceLarge" >
        </TextView>

        <SeekBar
            android:id="@+id/PRICEseekBarID"
            android:layout_width="match_parent"
            android:layout_height="wrap_content"
            android:layout_alignParentLeft="true"
            android:layout_below="@+id/textView1"
            android:layout_marginTop="26dp"
            android:max="100" >
        </SeekBar>

        <TextView
            android:id="@+id/PRICEinitialvaluetextID"
            android:layout_width="wrap_content"
            android:layout_height="wrap_content"
            android:layout_below="@+id/PRICEseekBarID"
            android:text="Rs 0" >
        </TextView>

        <TextView
            android:id="@+id/PRICEinitialvaluetextID"
            android:layout_width="wrap_content"
            android:layout_height="wrap_content"
            android:layout_alignParentRight="true"
            android:layout_below="@+id/PRICEseekBarID"
            android:text="Rs 100" />
    </RelativeLayout>