The currency was seized during a check of vehicles near New Vidyagiri school here, police said.
Old Rs 500 notes worth Rs 10,19,500 and Rs 1,000 notes worth Rs 41,37,000 were recovered from the men, who have been arrested, they said.
A case has been registered against them under Specified Bank Notes (Cessation of Liability) Act 2017, which is being investigated by the local DSP, police said.
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