1. A method for compressing a video captured from a static camera, the method comprising a processor ( 106 ) implemented steps of: providing a background image taken from the video stored in a database ( 104 ), wherein the background image is an image of a field of vision of the static camera ( 102 ); providing an original image, wherein the original image is captured from the static camera ( 102 ) when there is a change in a foreground with respect to the background image of the field of vision of the static camera ( 102 ); applying a wavelet transform to sparse the background image and the original image using a sparsifying module ( 110 ); taking the difference between the transformed background image and the transformed original image using a differencing module ( 112 ), resulting in the generation of a transformed foreground; applying a process of thresholding on the transformed foreground using a thresholding module ( 114 ), wherein the thresholding results in generation of a plurality of zero blocks and a sparse vector; combining each of the plurality of zero blocks using a run-length encoding module ( 116 ), resulting in the compression of the size of the transformed foreground; splitting the sparse vector in to a plurality of sparse vector blocks of a predefined length using a splitting block ( 118 ); adding each of the plurality of sparse vector blocks to an arbitrary BCH-DFT codeword using a first addition module ( 120 ), resulting in the generation of a corrupted codeword; calculating a syndrome by a syndrome computation module ( 122 ) using a parity check matrix and the corrupted codeword; reconstructing the sparse vector for each of the plurality of sparse vector blocks using a decoder ( 124 ); applying inverse wavelet transform on the transformed foreground to regenerate the foreground using an inverse transformation module ( 126 ); and adding the foreground to the background image to recover the original image using a second addition module ( 128 ).