Demonetised ₹500 and ₹1000 notes with a face value of ₹47 lakh were seized on Monday in Gwalior in Madhya Pradesh, leading to one person being nabbed, a police official said.
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Acting on a tip off, a man on a motorcycle was stopped on Morena road in the morning, Superintendent of Police Rajesh Singh Chandel said.
"He tried to flee but we managed to catch him. A search of his bag revealed demonetised ₹500 and ₹1000 notes with a face value of ₹47 lakh," he said.
The man was unable to give a satisfactory explanation about the demonetised notes and the Income Tax department has been intimated as part of the probe, the SP said.
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