Two people were arrested in Surat in connection with the seizure of Rs 42 lakhs in demonetized notes of Rs. 500 and Rs. 1000.
The police has transferred the case to the Income Tax department, who will take actions on the duo and an investigation has been launched into the matter.
Earlier today, the Telangana Police arrested a 10-member gang and seized Rs three crore in demonetised currency.
Police personnel seized the demonetised notes from Saifabad district in Telangana.
Large amounts of old and new currency notes have been seized in the Income Tax (IT) raids across the country post demonetisation.
In the recent past, new currency worth Rs 2.25 crore was seized during raids in Bengaluru and over Rs 3 crore in banned currency was found in a hotel in Delhi.
Yet another raid was carried out in Chandigarh, where over Rs 2 crores, mostly in new notes, have been seized.
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Five people were caught with Rs 3.25 crore in old notes in Delhi's Karol Bagh. The money was to be flown to Mumbai and allegedly belonged to Hawala operators.
In another incident, Central Bureau of Investigation (CBI) seized Rs 1.04 crore in new Rs 2000 notes from a local businessman on from Thane. Likewise IT department seized around Rs 32 crore new notes in various raids.