The arrested persons were identified as Jitendra Mamta Sathe (24) and Sadiq Babulal Shaikh (35), both residents of Parner taluka in Ahmednagar district.
Acting on a tip-off, officials from LCB arrested the two suspects in Ane village near Narayangaon.
PI Nitinkumar Gokave of the LCB said investigations were on to determine the source of the fake notes. A case was registered at the Narayangaon police station against the two. PSI Kawale is investigating the case.