Accused Sattar Sheikh, 47, is a resident of Jharkhand's Jamnagar area.
He was arrested from the south-east gate of North Bengal State Transport Corporation (NBSTC) bus stand near Maidan in central Kolkata on Thursday evening.
"As many as 200 notes in Rs 2,000 denomination were seized from him, hidden inside a specially designed underwear he was wearing," the officer said.
Sheikh was booked under Section 120B (criminal conspiracy) of the Indian Penal Code, apart from Sections 489A, B and C, he said.
The accused will be presented in a sessions court here later on Friday.
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