IPC Section 242 — Possession of counterfeit coin by person who knew it to be counterfeit when he became possessed thereof

Summary

If a person has a fake coin and knows it is fake at the time they get it, and they keep it either to commit fraud themselves or so that someone else can use it to commit fraud, they can be sent to prison for up to three years and also have to pay a fine.

Official Text

Whoever, 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.

Old <-> New Code Mapping

• BNS §180 — Possession of forged or counterfeit coin, Government stamp, currency-notes or bank-notes