A process for production of gasoline having a benzene content of less than 0.4 weight % the process involving the recovery of high purity benzene, wherein the high purity benzene has a purity of more than 97 weight %, from benzene concentrated unprocessed catalytically cracked gasoline fraction containing organic peroxides wherein the feed fraction comprises benzene in the range of 10-30 weight % and close-boiling non-aromatic hydrocarbons having a boiling range of 40 to 90°C in the range of 70-90 weight % along with impurities like organic peroxides is processed in an extractive distillation operation using an aromatic selective solvent selected from the group consisting of N-Methyl-2-Pyrrolidone, N-Formyl-Morpholine and Di-Methyl-Formamide in combination with a co-solvent, wherein the co-solvent is water, and the said process comprising the steps of: a) adding the pre-heated aromatic selective solvent along with the co-solvent and benzene concentrated unprocessed catalytically cracked gasoline fraction in the solvent mixture to feed weight ratio ranging from 1 to 10 in an Extractive Distillation column wherein the benzene concentrated unprocessed catalytically cracked gasoline fraction enters the ED column at the middle section and solvent along with co-solvent enters the column at the top section; b) maintaining the ED re-boiler temperature in the range 140 °C to 185 °C followed by recovering a Raffinate phase of benzene lean gasoline stream having a benzene content less than 0.4 weight % as the top product and an Extract phase of benzene loaded solvent phase as the bottom product; and c) separating the solvent from the Extract phase as obtained in step (b) in a Solvent Recovery Column to obtain benzene free solvent from the bottom and high purity benzene having a purity of more than 97 weight % from the SRC top; wherein said benzene concentrated unprocessed catalytically cracked gasoline fraction is obtained from fluidized catalytic cracking unit of petroleum refinery directly without any pre-treatment; and wherein the said non-aromatic portion of the hydrocarbons mixture contains at least one olefin, one di-olefin (including conjugated di-olefins), one naphthene, one paraffin and one iso-paraffin. a) adding the pre-heated aromatic selective solvent along with the co-solvent and benzene concentrated unprocessed catalytically cracked gasoline fraction in the solvent mixture to feed weight ratio ranging from 1 to 10 in an Extractive Distillation column wherein the benzene concentrated unprocessed catalytically cracked gasoline fraction enters the ED column at the middle section and solvent along with co-solvent enters the column at the top section; b) maintaining the ED re-boiler temperature in the range 140 °C to 185 °C followed by recovering a Raffinate phase of benzene lean gasoline stream having a benzene content less than 0.4 weight % as the top product and an Extract phase of benzene loaded solvent phase as the bottom product; and c) separating the solvent from the Extract phase as obtained in step (b) in a Solvent Recovery Column to obtain benzene free solvent from the bottom and high purity benzene having a purity of more than 97 weight % from the SRC top;