Whoever 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.
IPC Section 489B: Simplified Explanation
IPC Section 489B of the Indian Penal Code (IPC) deals with the offence of using genuine, forged or counterfeit currency notes or bank notes. This section specifically targets individuals who knowingly use, or possess with the intent to use, counterfeit currency notes or bank notes as if they were genuine. The key element of this offence is the awareness and intent to circulate counterfeit currency, which can significantly harm economic stability and undermine trust in the monetary system.
This provision aims to curb the circulation of counterfeit money, ensuring that the financial system’s integrity is maintained and preventing the economic damage that can result from such fraudulent activities.
Is IPC Section 489B Bailable?
IPC Section 489B is non-bailable. This status means that the accused does not have an automatic right to bail, and the court decides based on factors such as the seriousness of the offence, the accused’s background, and the potential risks involved.
IPC Section 489B Punishment
The Punishment for using genuine, forged or counterfeit currency notes or bank notes under IPC Section 489B is imprisonment for life, imprisonment of either description for a term which may extend to ten years, and liable to fine. This severe penalty reflects the critical nature of the offence and its potential to cause significant harm to the economy and public confidence.
Example of IPC Section 489B
A real-life example of an offence under IPC Section 489B could involve a scenario where an individual knowingly tries to deposit a large quantity of counterfeit banknotes into a bank account. Suppose a person, aware that the currency they possess is fake, attempts to use it in various transactions or deposit it at a financial institution to launder the money and introduce it into the financial system. If caught, this person would be prosecuted under IPC Section 489B for using counterfeit currency as genuine, addressing the severe threat this poses to economic integrity and security.
