What is the meaning difference in below sentences?
a) Police are yet to arrest anyone for murder.
b) Police have yet to arrest anyone for murder.
according to me Sentence a) gives status of the case and sentence b) gives Idea that police have not completed the action of arresting till date.
Your understanding is correct. They are very much the same, but the small difference is:
"are" is present tense... indicating current action.
"have" is present perfect tense... indicating past action with a relevant impact to the present situation.
The perfect "have" is more common because they "have" not yet made the arrest (in your example) and that implies the situation at the present time.
The present "are" is correct, just less common and some people may think it is wrong, though it is correct, just strange.
