Skype Error 1603 (Installing Skype failed; code 1638)

When I am trying to update Skype it is showing an error code 1603. It shows to uninstall Skype and then it can’t find PluginManager.msi in my system. Microsoft has recently purchased Skype which allows to call land lines and mobile across the global connection.
It costs very cheap and service comes very fast like normal mobile calls.
Can someone take a look at this error?
I am sharing a screen shot which can help you find out the solution.
Skype™ – Information
