The arrested person claimed the fake notes belonged to his father, a bank officer.
A youth was arrested by Odisha police when he was trying to deposit fake currency notes at a bank at Khurda town, near Bhubaneswar, amid the rush of customers depositing money following the demonetisation of high-value currency notes.
Sumit Kumar Tudu, a resident of Kendrapara district, was trying to deposit Rs 2.5 lakh at the SBI branch at Khurda town, around 25 km from Bhubaneswar.
"We found fake currency notes of Rs 47,000 face value in the bundle," SBI in-charge, Khurda, Deba Prasad Kanhar said, adding that the bank authorities have informed the police about the incident.
Forty-two of the fake currency notes being deposited by Mr Tudu had a face value of Rs 1,000 each and 10 notes had a face value of Rs 500 each, police said.
The youth claimed to be the son of a bank officer and reportedly told the police that the money belonged to his father and that he was told to deposit the amount in his father's account.
Police have registered a case under sections 489A, B, C and other sections of the IPC. The youth was being interrogated, Harihar Pani, Khurda SDPO said.