NYS DMV at Syracuse, NY informed me that drivers license is valid for driving purposes till the expiry date of the license (shown in red in bottom right hand corner of license). As far as the big bold red letter date on the top of license indicating temporary visitor status that expires with the expiry date of your status, the officer implied that that date was for ID purposes and should be extended as and when a person gets a new I-94 card. In effect, that means that one can continue to drive legally even when status has expired. However, please note that being out of status itself is illegal. Nevertheless, it is a relief for people in my situation whose H1 status is in the process of being extended (is going to take 5 months to get approval with new I-94 card) but employment has been automatically extended (240-day portability rule) with the receipt of extension application in the USCIS. Note: I went to DMV with original USCIS receipt notice and an official letter from the international office of my university that stated that i was officially employed there.