Vijayawada police has arrested eight persons and seized Rs 7.23 lakh in the demonetised notes from them.
These men were members of a gang which offered to exchange old notes for commission, said the police.
Two more members of the gang were absconding.
Police arrested the gang members on suspicion as they were moving around the Rythu Bazar (farmers vegetable market) yesterday, offering to take old notes.
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