Possession of Indian coin by person who knew it to be counterfeit when he became possessed thereof
AI Assist
Summary
Knowingly acquiring or possessing a counterfeit Indian coin with fraudulent intent or intending that fraud be committed is an offence. It applies when a person knew at the time of getting the coin that it was fake and kept it to deceive or benefit. Penalty: imprisonment up to seven years and a fine.
Example
Ravi buys a packet of old coins from a market shop. He knows some are counterfeit and keeps them intending to pass them off as genuine to make money. He can be prosecuted and faces up to seven years imprisonment and a fine.
Bare Act
Enacted textWhoever, fraudulently or with intent that fraud may be committed, is in possession of counterfeit coin, which is a counterfeit of Indian coin, having known at the time when he became possessed of it that it was counterfeit, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.
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