"Acting on a tip-off, we detained all five people from Raviwar Peth area when they came to exchange the notes," said a senior official of the Khadak police station.
The UP government said prima facie no terror link had been established.
The development comes a day ahead of completion of one year of demonetisation, which was announced on November 8 last year.
An amount of Rs 1 crore in old currency notes has been seized from a trader in Lucknow today.
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