Trending @Wipro; I have released from the current project, so from tomorrow I will be on the bench. should I put paper now, as I am looking for a new job. will they release me early?? please help

Yes, If you are on bench you will get immediate release.

I heard there's no way out from the 3 month notice period policy of Wipro. But seriously if one is not in any project then what are they supposed to do for 3 mnths?

Resigning is the best option because within 45 days if you are not getting a project you will be under loss pay then also you have to serve 90days notice period.