Whoever counterfeits, or knowingly performs any part of the process of counterfeiting, any currency-note or bank-note, shall be punished with 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.
Explanations
- For the purposes of this section and of sections 489B, 489C, 489D and 489E, the expression “bank-note” means a promissory note or engagement for the payment of money to bearer on demand issued by any person carrying on the business of banking in any part of the world, or issued by or under the authority of any State or Sovereign Power, and intended to be used as equivalent to, or as a substitute for money.
IPC Section 489A: Simplified Explanation
IPC Section 489A of the Indian Penal Code (IPC) deals with the offence of counterfeiting currency notes or bank notes. This section specifically targets individuals who engage in this activity, which includes making, possessing, or using counterfeit money or any materials intended for the production of counterfeit currency.
This provision protects the economic stability and integrity of the nation’s currency system by penalising the creation, distribution, or use of counterfeit currency. Counterfeiting currency undermines the trust in and value of the monetary system, leading to significant economic disruptions.
Is IPC Section 489A Bailable?
IPC Section 489A is non-bailable. This designation means that the accused does not have an automatic right to bail, and the court decides based on the seriousness of the offence, the accused’s background, and the potential risks involved.
IPC Section 489A Punishment
Under IPC Section 489A, the punishment for counterfeiting currency or banknotes is imprisonment for life or imprisonment of either description for a term which may extend to ten years, and also liable to a fine. This severe penalty reflects the serious nature of the offence and its potential to cause widespread harm to the economy and public confidence.
Example of IPC Section 489A
A real-life example of an offence under IPC Section 489A could involve an individual operating a sophisticated printing operation to produce counterfeit banknotes. Suppose law enforcement discovers a hidden facility where high-quality fake currency is printed, with security features mimicking the official currency. Upon arrest, the person responsible for this operation would be prosecuted under IPC Section 489A for counterfeiting currency notes, given the significant threat this poses to the economic security and legal tender of the country.
