The woman, Manjula R Joshi, and her friend K Naga Venkata Gowri Shankar Gupta, were arrested last evening near a hotel in Panjagutta when they were allegedly trying to exchange the scrapped notes with a face value of Rs 1.13 crore, a release from the Hyderabad Police said.
However, the release did not elaborate with whom they were trying to exchange the demonetised bills.
Joshi is a native of Jewargi in Kalaburgi district in Karnataka, while Gupta is a resident of Machilipatnam town in Krishna district of Andhra Pradesh. Both of them are in real estate business, the release said.
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