How to change media uploader path in wordpress 3.5 & later

The above question would come into many wordpress users mind and i am receiving inquiries for this, thus i decided to put this as discussion forum.

The older version of wordpress was easily allowing to change media path from settings –> Media path but newer version of wordpress has removed this facility because it is focusing on enhanced media uploader ( new released ). Though it is possible to change media upload path for the wordpress users and this is the good news for all the wordpress users,

you need to change codes in wp-config.php file and
define( ‘UPLOADS’, ‘wp-content/’.’mynewupload’ );

suppose your site is & you want make your media path as than define code as following ,

define( ‘UPLOADS’, ‘’.’media’ );

for any query post here. thanks.