More than 97% of India's highest-denomination 2,000-rupee currency notes have been returned since they were withdrawn from circulation in May 2023, the Reserve Bank of India (RBI) said on Friday.

The total value of 2,000-rupee notes in circulation fell to 84.70 billion rupees ($1.02 billion) as of Feb. 29 from 3.56 trillion rupees on May 19, when the RBI decided to withdraw these notes, the central bank said in a release.

These notes continue to be legal tender, the RBI said.

($1 = 82.8675 Indian rupees) (Reporting by Siddhi Nayak; Editing by Varun H K)