Using as genuine, forged or counterfeit currency-notes or bank-notes
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Summary
A person who sells, buys, receives, traffics in, or uses as genuine any forged or counterfeit currency-note or bank-note, knowing it or having reason to believe it is forged or counterfeit, commits an offence. The punishment is imprisonment for life, or imprisonment for a term which may extend to ten years, and a fine. It applies to single transactions and to ongoing trafficking alike.
Example
Ravi, a shopkeeper, receives a bank-note that feels wrong and has smeared printing from a customer, and he uses it later to pay a supplier, knowing it is likely counterfeit. Under this provision Ravi can be prosecuted and faces imprisonment for life or up to ten years and a fine for trafficking in a forged or counterfeit note.
Bare Act
Enacted textWhoever sells to, or buys or receives from, any other person, or otherwise traffics in or uses as genuine, any forged or counterfeit currency-note or bank-note, knowing or having reason to believe the same to be forged or counterfeit, shall be punished with 2 *imprisonment for life, or 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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