I need to write a script to replace all the numbers greater than an specified number which is in following position.
1499011200 310961583 142550756 313415036 14
This might work for you (GNU sed):
sed -r '/^\S+\s+(300000000|[1-2][0-9]{8}|[0-9]{1,8})\s/!c change' file
If it's 300000000 or less keep it, otherwise change it.
300000000
Or using substitution:
sed '/^\S\+\s\+\(300000000\|[1-2][0-9]\{8\}\|[0-9]\{1,8\}\)\s/!s/^\(\S\+\s\+\).*/\1250000000 XXXX XXXX XXXX/' file