Whoever has in his possession any forged or counterfeit currency-note or bank-note, knowing or having reason to believe the same to be forged or counterfeit and intending to use the same as genuine or that it may be used as genuine, shall be punished with imprisonment of either description for a term which may extend to seven years, or with fine, or with both.
IPC Section 489C: Simplified Explanation
IPC Section 489C of the Indian Penal Code (IPC) pertains to the offence of possessing forged or counterfeit currency notes or bank notes. This section targets individuals who possess counterfeit currency or bank notes, regardless of whether they have used them. The critical aspect of this offence is the possession with the knowledge that the currency is forged or counterfeit.
This provision aims to prevent the spread and circulation of counterfeit money, thereby protecting economic stability and ensuring the financial system’s integrity. It holds those who hold such currency accountable, even if they have not actively used it in transactions.
Is IPC Section 489C Bailable?
IPC Section 489C is non-bailable. This indicates that the accused does not have the automatic right to bail. The court will decide whether to grant bail based on the seriousness of the offence, the accused’s background, and other relevant factors.
IPC Section 489C Punishment
The Punishment for possessing forged or counterfeit currency notes or bank notes under IPC Section 489C is imprisonment for a term extending to seven years and liable to a fine. This penalty is designed to deter individuals from holding counterfeit currency, reflecting the seriousness of the offence and its potential impact on the economy.
Example of IPC Section 489C
A real-life example of an offence under IPC Section 489C could involve a scenario where law enforcement discovers a person with counterfeit banknotes in their home or vehicle. During a routine check, the police found a significant number of high-quality counterfeit notes in an individual’s possession, and further investigation revealed that the person knew about the fake nature of these notes. This individual would then be prosecuted under IPC Section 489C for possessing counterfeit currency, highlighting the legal measures to safeguard the financial system and prevent economic disruptions.
