The man was on his way to meet agents who would have exchanged the banned notes for new currency.
Rs 1.15 crore in demonetised currency notes was seized from a man in Rajkot on Sunday who was to hand them over to two agents for exchanging those with legal tenders, police said.
"We seized Rs 1.15 crore in Rs 500 and Rs 1,000 demonetised currency notes from a four-wheeler and detained a person, Satish Kalola, who said the notes belonged to him," said University Police Chowky inspector K K Zala.
The officer said Kalola, who is into transport business, was to hand over the demonetised banknotes to Rajni Pandya and Gautam Pandya, who had promised to exchange those with legal tenders for 30 per cent commission.
Inspector Zala said the Income Tax Department has been informed about the seizure and further investigation is on.