Possession of counterfeit coin by person who knew it to be counterfeit when he became possessed thereof
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Summary
Knowingly possessing counterfeit coins obtained fraudulently or with intent to commit fraud is an offence. If a person knew the coins were counterfeit when he acquired them and still kept them, he can be punished with imprisonment for up to three years and a fine. The key point is knowledge at the time of acquisition and dishonest purpose.
Example
Ravi buys a bundle of coins from a dealer, fully aware they are fake, intending to pass them as real for change. Because he knew they were counterfeit when he became possessed of them and had fraudulent intent, he can be prosecuted and face up to three years' imprisonment and a fine.
Bare Act
Enacted textWhoever, fraudulently or with intent that fraud may be committed, is in possession of counterfeit coin, having known at the time when he became possessed thereof that such coin was counterfeit, shall be punished with imprisonment of either description for a term which may extend to three years, and shall also be liable to fine.
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