Kathmandu, Apr 12 (PTI) Nepal police today arrested two persons and recovered from them the banned Indian currency notes of Rs 500 and Rs 1,000 denomination amounting to Rs 49,31,500.

A police team deployed from the Metropolitan Police Range, Kathmandu, nabbed Sunil Dev Vaishya of Morang and Chet Bahadur Nepali of Nuwakot districts from Lazimpat in Kathmandu, according to the Nepal Police.

The police said that they confiscated 5,451 old currency notes of Rs 500 denomination and 2,206 old currency notes of Rs 1,000 denomination.

According to Bishwo Raj Pokharel, chief of Metropolitan Police Range, Kathmandu, the two men cheated people and exchanged the money saying that the ban on these notes will be lifted after some time.

Pokharel said they collected the money in a big quantity from the border areas and brought to Kathmandu.

This is published unedited from the PTI feed.