The high-quality counterfeit currency was seized from the possession of Rajiv Sheikh (20), a resident of Murshidabad in West Bengal, ADG Umesh Mishra said.
He was arrested from Jaipur Railway Station, police said.
The accused was produced in a court which remanded him to a day's police custody.
According to the police, it is one of the largest seizures of Rs 2,000 counterfeit currency note since its launch in the country.