Coin is metal used for the time being as money, and stamped and issued by the authority of some State or Sovereign Power in order to be so used.
Indian coin
Indian coin is metal stamped and issued by the authority of the Government of India in order to be used as money; and metal which has been so stamped and issued shall continue to be Indian coin for the purposes of this Chapter, notwithstanding that it may have ceased to be used as money.
Illustrations
- Cowries are not coin.
- Lumps of unstamped copper, though used as money, are not coin.
- Medals are not coin, inasmuch as they are not intended to be used as money.
- The coin denominated as the Company’ rupee is 3Indian coin.
- The “Farukhabad rupee”, which was formerly used as money under the authority of the Government of India, is 3Indian coin although it is no longer so used.
IPC Section 230: Simplified Explanation
IPC Section 230 defines what constitutes the offence of counterfeiting currency notes or bank notes. According to this section, a person is said to “counterfeit” currency notes or bank notes who causes one or more pieces of paper or other material to resemble or be so treated as to resemble a currency note or bank note of any country intending to use that resemblance to practice deception, or knowing it to be likely that deception will thereby be practised.
This section lays the foundation for understanding the nature of counterfeiting and its legal implications. It is critical for maintaining the integrity of the currency system and ensuring public trust in it.
Is IPC Section 230 bailable?
Under the Indian Penal Code, counterfeiting currency or banknotes is a non-bailable offence. This means that an individual accused of this crime does not have the right to be released on bail automatically. Instead, bail can only be granted at the discretion of the court, considering the severity and nature of the offence.
IPC Section 230 Punishment
The punishment for counterfeiting currency notes or bank notes under IPC Section 230 is quite severe, reflecting the serious nature of the offence. The law stipulates that anyone convicted under this section shall be punished with imprisonment for life or imprisonment of either description for a term extending to ten years and shall also be liable to a fine. This stringent punishment aims to deter individuals from engaging in fraudulent activities that can undermine the country’s financial stability.
Example of IPC Section 230
A real-life example of IPC Section 230 could involve an individual named Rajesh, who was found in possession of equipment and materials used for producing counterfeit currency. Rajesh had successfully made several fake currency notes that closely resembled legitimate Indian currency. He intended to circulate these counterfeit notes in the market, deceiving merchants and others. Upon his arrest, Rajesh was charged under IPC Section 230 for counterfeiting currency notes. Given the non-bailable nature of the offence, he was not granted bail and faced a trial. Upon conviction, he was sentenced to life imprisonment and a hefty fine, highlighting the severe repercussions of counterfeiting currency.
