How to disable Joomla extension update notification?

To avoid  Joomla websites from errors or getting hacked due to security breaches the site along with the third party extensions used needs to be updated regularly. Functionality features, PHP functions upgrade, Joomla compatibility with the latest Joomla versions and similar issues are generally fixed when an extension is updated.
But sometimes the website owners don’t update the extensions as they do changes to the core files of the extension which might get overwritten or they don’t want to spend money to purchase the commercial extension after the license gets expired. In that case, the red notification which appears on opening the website shows up again and again when the website owners log in to the Joomla backend.
Disable the update notification for the specific extensions  in the backend for Joomla 3.x.x by following the steps below :
STEP 1
Login to the backend of the Joomla website using the Super admin login details.
STEP 2
Go to Extensions Menu > Manage > Update Sites

STEP 3
In the Update Sites page, you will find a list Update Site with an XML link below it. Select the extension for which you want to disable the update notification.
STEP 4

Select the extension(s) and click on the disable button. Clear the Joomla cache by going to menu System > Clear Cache.