In a notification published on Tuesday, the ministry of finance said that banks and other entities such as post offices that had collected the old Rs 500 notes and Rs 1,000 notes during demonetisation have less than a month to deposit them with the Reserve Bank of India. The process needs to be completed within 30 days of June 20, the notification said.

Banks and post offices will be allowed to deposit all the notes they have collected between November 8 and December 30, 2016. District Central Cooperative Banks will only be able to claim credit for the notes collected between November 10 and November 14 as the RBI had barred them from exchanging notes.

The notification published on the official gazette of India also specifies that those entities that do not submit these specified currency notes need to provide reasons for not doing so.

A banking analyst, who did not wish to be named, told that this could mean that the counting exercise for withdrawn notes could be coming to an end as the government or the central bank are yet to publish the final numbers for the currency exchanged during the demonetisation period.