The accused have been identified as Ali Ahammad (52 years), Habel Ud Din (36 years), Amin Ul Islam (19 years) and two women.
All the arrested had come from Satarakanara viilage in Barpeta district of Assam, an official statement said today.
The police recovered and seized 21 high quality fake bank note of Rs 500 denomination from the market and two mobile handsets, Indian currency and other goods from the possession of the accused.
A criminal case has been registered at Miao police station, the statement said.