I am using a robots.txt file and used this tag <meta name="robots" content="noindex"> in the meta tags, but I want to ask that if I use this tag <meta name="robots" content="nofollow"> for links on a page then robots will index my website internal links or not, like I wan to restrict robots to no follow the external links on home page and I use above nofollow tag???
Let me say that I am always amazed when one takes a forum name like "Rapid SEO" yet does not have the complete knowledge of something as basic as Robot.txt It's simple enough. Not really that much of a stop function to anything. Most bots ignore it period. Good bots/spiders look for it out of respect, but bad players don't have any respect. .htaccess is more pronounced as a way to fend off certain bots and spiders. There are other methods from within your site as well to offer up the nofollow command. If you are using Wordpress your options are many and they are simple. "Bad Behavior" works on most CMS/CMV sites and there are many others. Check your plugins search feature and you will find a remedy.
I'll do whatever I please. Consider yourself ignored. The title "SEO" in your forum name is not deserved. A wanna-be at best. Good luck.
As BadBoyzStudioZ stated, bad bots ignore robots.txt. But I'm guessing you're primarily concerned with the crawlers for all of the major search engines - Google, Yahoo!, Bing, Altavista, etc. All of the normal search engines will obey your robots.txt and not crawl the page in question. Any page(s) disallowed by robots.txt will not be crawled, so no PR will be passed out on outbound links located on the blocked pages because the bots won't even know the links from the blocked page exist. This will block PR from passing out of the page to both internal and external URLs. This also means that in order for a "good" bot/crawler to find your <meta name="robots"> element(s) they have to first be able to request the page and get back its HTML. So if you disallow a page with robots.txt, they won't ever request the page... which means they will never see its <meta name="robots"> element. If you allow bots to crawl the page (i.e. don't block it with robots.txt) then <meta name="robots" content="noindex"> says do NOT index this page and if you already have, remove it from your index (at Google at least... other engines may handle these elements slightly different). If you allow bots to crawl the page (i.e. don't block it with robots.txt) then <meta name="robots" content="nofollow"> says it's ok to index the page but nofollow EVERY outbound link on the page. This nofollows links to external AND internal URLs on the page. If you don't want the engines to pass PR to external URLs that you link to but still want them to pass PR to the other internal links on the page then simply add a rel="nofollow" attribute to each <a> element linking to the external URL. This will prevent PR from begin passed AND tell the engines you're not willing to vouch for the trustworthiness of the site being linked to. But it will continue to pass PR to your internal pages.
So there ya go. Person wasted a whole bunch of time on you to answer a question you could have answered yourself. Happy now? Mr. SEO person? Interesting. Why do people with zero knowledge of internet operations trouble themselves to pretend they are SEO people? Next time Google it up. Same information. Why this person was so gracious, while nice, is a total waste of 5 minutes of their life. I gave you the same damn answer in a few words. YOU ARE WASTING YOUR TIME WITH Robot.txt. Can't make it much clearer than that. And believe me... I know what I am talking about.