The man carrying the counterfeit notes, all in the denomination of Rs 1,000, was arrested from Shobhapur under Baishnabnagar police station last evening.
BSF men found the man, identified as Saddam Hussain, loitering near the Shobhapur border outpost and challenged him. He was carrying a bag that contained the fake notes, the police said.
Hussain is a resident of Bamchhara village, police said.