The accused identified as Ameer Faizal hails from Champaran district, police said.
According to police, Faizal was asked by his friend Dinesh to circulate the counterfeit currency to make fast buck, when he approached the latter for loan.
Faizal was given the fake currency notes in denomination of Rs 1,000 for circulation, they said.
On reliable information, sleuths of Langer Houz police station, apprehended Faizal and recovered 75 fake notes, they said, adding further investigations are on.