The seizure and the arrests were made yesterday.
Police said fake currency of face value of Rs one lakh each was seized from a 30-year-old woman and her accomplice while they were on their way to Kaliachak from Golapgunj on the Indo-Bangla border on a motorcycle.
They were intercepted and the fake currency notes of Rs 500 denomination were seized from them.
They were arrested and produced at the chief judicial magistrate's court which remanded them to police custody today for four days.
He was produced before the court of chief judicial magistrate Pradip Kumar Roy, who remanded him to police custody for seven days.
Malda has over the years emerged as a major transit route for fake Indian currency notes to the country.