Bengaluru, Apr 29 (IANS): Seven persons, including one from Kerala, were arrested here with demonetised notes of the face value of Rs 96.9 lakh, police said on Saturday.

"On a tip-off, we searched two cars parked near Barton Centre on MG Road on Friday and took seven persons into custody for trying to exchange old currency notes with the face value of Rs 96.9 lakh," said Deputy Commissioner of Police, Crime, Chandra Gupta.

The arrested were identified as Shivaprasad B., 50, Shivalingappa A., 55, Ravikumar G., 24 (all from Bengaluru), Manjunath J, 24 and Basavaraj B, 30 from Tumakuru district, Abdul Rehaman K., 50, from Kerala.

They were charged under Sections 420 of Indian Penal Code, 41B of Criminal Procedure Code and 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017.

Both cars were also impounded.

The arrested were presented in a court, which sent them to 14 days judicial custody.

This was the fourth seizure of demonetised notes in barely over a month. Two men were arrested here with demonetised notes of Rs 1.28 crore on March 23, four men were arrested here with old notes with the face value of Rs 4.98 crore on March 28, and 14 men were arrested here with notes with the face value of Rs 9.10 crore on April 2.

The Narendra Modi-led central government demonetised Rs 500 and Rs 1,000 currency notes on November 8 last year.