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.
IPC Section 242: Simplified Explanation
IPC Section 242 deals with the possession of counterfeit coins by a person who knew the coins were counterfeit at the time they came into possession of them. This section is part of the laws designed to combat counterfeiting and protect the integrity of the country’s currency.
A person can be charged under this section if they are found with counterfeit coins, and it is proven that they knew the coins were fake when they acquired them. The section aims to penalize those who intentionally circulate or possess counterfeit currency, which can undermine the economic stability of a country.
Is IPC Section 242 bailable?
Yes, IPC Section 242 is a bailable offence. This means that the accused person has the right to be released on bail, which can be granted either by the police or by the court.
IPC Section 242 Punishment
The punishment for an offence under IPC Section 242 is imprisonment of either description (simple or rigorous) for a term which may extend to three years, or with a fine, or with both. This flexible punishment framework allows the judiciary to decide the appropriate punishment based on the circumstances of each case.
Example of IPC Section 242
In a real-life scenario, let’s consider a man named Rajesh. Rajesh is a shopkeeper who receives a batch of coins from a supplier. Upon receiving the coins, Rajesh notices that some of them look different from the usual currency, but he decides to keep them anyway, knowing they are likely counterfeit. Later, Rajesh tried to use these coins to make transactions with customers. The authorities catch wind of this activity, and Rajesh is arrested. During the investigation, it was revealed that Rajesh knew the coins were counterfeit when he received them. As a result, Rajesh is charged under IPC Section 242 for possessing counterfeit coins with the knowledge that they are fake.
