Create A new file Using These Settings
Then Create rectangle Using Rectangular Marquee Tool
Now you should have something like this:
Fill The rectangle with white colour using paint bucket tool
Now you should have something like this:
Click Q to create mask around the layer
Then Go to Filter -> Brush Strokes -> Spatter
Set the Radius to 20
Smoothness to 10
Click ok
Now you should have something like this:
Then click Q to remove the mask from the layer
Then Go To Select->Modify->Contract
Now you should have something like this:
Then go to Select->Inverse ( Shift+Ctrl+I)
Then click delete button from the keyboard
Okay so now go to blending options and apply these settings in the Inner Shadow area:
