I need to move a hole on the texture so that i can see through it like in the picture. There are two planes with textures and I should see the background texture through the hole. ( The hole is moving according to the cursor position)
If you want to move the UV’s of that texture, you can do so by setting the main texture offset I believe:
http://unity3d.com/support/documentation/ScriptReference/Material-mainTextureOffset.html
I think UV animation can’t help you for that kind of problem.As i understood you have 1 texture (that paper) and another one on top of it which will do the masking job.
If i’m correct till here you problem probably can be solved by writing a shader.(Which is a little bit complicated.)