Finance Ministry has allowed banks and post offices to exchange old, demonetised notes of Rs 500 and Rs 1000, which are no longer in circulation, with the Reserve Bank of India (RBI) within a month, provided these notes were collected on or before December 30, 2016.
India's cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by November 14.
Prime Minister Narendra Modi announced a shock move on November 8 last year to drain old Rs 500 and Rs 1,000 rupee notes - worth a combined USD 256 billion (Rs 16,540 billion).
The agenda for demonetisation was to curb black money in the economy.
Demonetisation had a material impact on spending as reflected in a significant slowing of GDP growth in January-March, according to Fitch Ratings.
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