KATHMANDU: Police have arrested a man with banned Indian currency notes in Parsa.

The arrested is identified as Ajay Kumar Sharma, 25, of Bahudarmai Municipality-4 of Parsa with the banned Indian currency amounting to Rs 148,500.

Sharma was arrested at 5 pm on Wednesday, said Parsa Police Spokesperson DSP Om Prakash Khanal. He said Sharma was coming to Nepal from Indian side when police stopped him and searched him.

The amount seized had 296 banned Indian notes of denomination Rs. 500 notes, and five notes of denomination Rs. 100, said Khanal.

Police said that they are continuing investigation into the incident.