Possession of instrument or material for the purpose of using the same for counterfeiting coin
AI Assist
Summary
Possessing any instrument or material meant to be used for counterfeiting coins, or possessing it knowing or having reason to believe it will be so used, is an offence. Punishment is imprisonment up to three years and a fine. If the coin to be counterfeited is Indian coin, imprisonment may extend up to ten years and a fine.
Example
Karan runs a small metal workshop. Police find moulds and metal blanks in his shop that he admits are for making fake coins; because he possessed those items knowing they would be used to counterfeit coin, he can be punished with up to three years imprisonment and a fine, and if the coins would be Indian coin the sentence can extend up to ten years and a fine.
Bare Act
Enacted textWhoever is in possession of any instrument or material, for the purpose of using the same for counterfeiting coin, or knowing or having reason to believe that the same is intended to be used for that purpose, shall be punished with imprisonment of either description for a term which may extend to three years, and shall also be liable to fine;
If Indian coin – and if the coin to be counterfeited is Indian coin, shall be punished with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine.
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