If you're not using 10.1, you could create a .prj file with the EPSG-style WKT version (EPSG Geodetic Parameter Dataset has no official WKT format) and place it in the Coordinate Systems, Projected Coordinate Systems folder. Because ArcGIS includes name comparisons when it checks for equality, the WGS 84 definition will not be recognized as equivalent to the GCS_WGS_1984 definition used in the predefined geographic/datum transformations, so you would have to create custom transformation if any are needed.
In 10.1, you can still create a .prj file, but the Coordinate System folder has been removed. Store the file somewhere and use the Import option on the various coordinate system tab or tools to browse and select the file.
Finally, functionally (mathematically), the two definitions are equivalent.
Disclaimer, I guess: I work at Esri and I'm on the subcommittee that maintains the EPSG dataset.
You don't say, but I'm assuming the PROJCS string in your question is the string being read from your dataset. There are several errors in the string. Here's what I found on SpatialReference.org:
PROJCS["WGS 84 / UTM zone 41N",
GEOGCS["WGS 84",
DATUM["WGS_1984",
SPHEROID["WGS 84",6378137,298.257223563,
AUTHORITY["EPSG","7030"]],
AUTHORITY["EPSG","6326"]],
PRIMEM["Greenwich",0,
AUTHORITY["EPSG","8901"]],
UNIT["degree",0.01745329251994328,
AUTHORITY["EPSG","9122"]],
AUTHORITY["EPSG","4326"]],
UNIT["metre",1,
AUTHORITY["EPSG","9001"]],
PROJECTION["Transverse_Mercator"],
PARAMETER["latitude_of_origin",0],
PARAMETER["central_meridian",63],
PARAMETER["scale_factor",0.9996],
PARAMETER["false_easting",500000],
PARAMETER["false_northing",0],
AUTHORITY["EPSG","32641"],
AXIS["Easting",EAST],
AXIS["Northing",NORTH]]
Your central meridian is wrong, as is the false easting.
Best Answer
check out Prj2EPSG here for defination of your epsg.
i hope it helps you...