Whenever I am launching sas enterprise guide it pops up a message that ' This version will expire on 1 Dec 2020' but when I checked the same through Proc setinit; run; command it says that sas eg license will expire on 29 Dec 2020 . So what does that Pop up message is about ? Does that mean my SAS enterprise guide wont work after 01 Dec 2020 ?
Version 4.2 of EG was introduced with SAS 9.2 in 2009 (see here). It is also not certified for any Windows version currently supported by MS. The recent version of SAS (9.4M7) is delivered with EG 7.15 and 8.3 in the SAS depot, so you install it from there.
If your server-side installation is still on 9.2, then STRONGLY urge your SAS administrators to update that to the recent version ASAP. The improvements to the software in between are more than just numerous.