All the notes are in the denominations of Rs 1,000 and Rs 500.
"We had received a tip-off that two persons would be coming at FC Road this evening. We laid a trap and nabbed them," said a sub-inspector of Deccan-Gymkhana police station.
He said the scrapped notes were found in possession of Shailesh Chavan and Gita Shah.
"We have informed the Income Tax department about the seizure," he added.
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