Some villagers, who were deepening a village pond in Dhun area with JCB machine, discovered the ammunition there, Inspector Kamaljit Singh of Khalra Police Station here said.
Two magazines of AK-47, about 150 cartridges of AK-47 rifle and one pistol magazine wrapped in a jute bag were recovered, he said.
The seized ammunition will be examined, police said, adding that a case in this connection has been registered under relevant sections of the Arms Act.
The ammunition appeared to be quite old and not fit for use, police said. It may have been dumped years ago during the militancy in Punjab, they added.
Two magazines along with 59 live cartridges of AK-47 rifle, two magazines and 29 live cartridges of INSAS rifle and 16 rounds and two shells of .315 rifle were recovered from Upper Bari Doab canal.