On a tip off, the police searched the residence of accused Jagtar Singh and his wife Parwati in Barhman Majra (Sirhind) and arrested them after recovering fake currency notes worth Rs 1.62 lakh, they said.
The police also arrested their aide Amritpal Singh, a resident of Shastri Nager here, police said.
Police also seized a laptop and a printer which was used to publish the fake notes.
A case has been registered against the accused, police said, adding the investigation is underway.