The Merapani police on Saturday night arrested a man in possession of demonetised currency worth Rs. 10 lakh in a vehicle.

Thearrested has been identified as Biman Gogoi alias Pinku. "He was carrying cashto the tune of Rs. 10 lakh in old currency of Rs. 500," said a police official.

Theold currency notes in denomination of Rs. 500 and Rs. 1000 were discontinuedfollowing demonetisation announced by the Central government on November 8,2016. While new note for Rs. 500 was introduced, the 1,000 note wasdiscontinued.

Policesuspected that the cash consignment was sent for exchange; however they wereyet to find out the purpose of intended exchange and who was to receive thedemonetised cash.

Meanwhile,two more were detained in connection with the seizure.