Acting on a tip-off, the duo - Mofizul Shaikh (20) and his elder brother Shahbuddin Shaikh (25) were held by officials of the Special Operations Group (SOG) near the Geeta Mandir bus stop here, an official release said.
They hail from West Bengal and presently reside in Navi Mumbai, Maharashtra, it added.
They were in possession of fake notes having face value of Rs 8 lakh and the currency notes were in the denomination of Rs 1000, Rs 500 and Rs 100, the release said.
Police said investigations are underway.