Acting on a tip-off, a Crime Branch team seized the currency from a Honda City car near the Himgiri Chowk in Sector 10 here.
Four passengers hailing from Delhi -- Sanjay Kumar, Bitthal Kesar, Lucky Sharma, and Satyanarayan Mandal -- were arrested.
Kumar told police that the notes were supplied to them by Rajesh Kumar of Sector 20 in Noida in Uttar Pradesh who exchanged the scrapped money for new currency on commission basis.
"We are grilling Rajesh and Sanjay, who have been taken on police remand till March 5. Three accused have since been sent in judicial custody," police official Ravinder Kumar said in a statement here.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)