Before Loki I used to do- apt-get remove-indicator-Bluetooth and it used to work fine but now if I do this whole wing panel get displayed. For my purpose, I don't use Bluetooth at all and I think if I can remove the indicator it would be good. Please let me know if I can remove this icon. Thanks
To remove the Bluetooth indicator, I believe the package you are looking for is 'wingpanel-indicator-bluetooth' which, once removed, will remove the indicator for you. In terminal, you can:
sudo apt-get remove wingpanel-indicator-bluetooth
That should do it for you.