Waluj MIDC police in the Aurangabad district have seized Rs 4,96,000 in demonetised currency and arrested one person.
Police sub-inspector Amol Deshmukh said that Imtiyaz Khan, resident of Jalna, was arrested, and scrapped notes of Rs 500 denomination were seized from his possession.
He was trying to get them exchanged for valid currency, the police officer said.
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