Legal Provisions of Section 242 of Indian Penal Code, 1860.
Possession of counterfeit coin by person who knew it to be counterfeit when he became possessed thereof:
This section penalises possession of counterfeit coin by a person who knew it to be counterfeit when he became possessed thereof. Mere preparation to commit a crime has been made an offence under this section. The section states that whoever, either fraudulently or with the intention that fraud may be committed, has within his possession counterfeit coin, having known at the time when it came into his possession that the coin was counterfeit, shall be punished with simple or rigorous imprisonment for a term extending up to three years, and shall also be liable to fine.
Image Source: 185.26.182.219
ADVERTISEMENTS:
There must be an intention on the part of the accused to defraud or intention that fraud may be committed. Possession of a counterfeit coin has to be established along with the fact that at the time he became possessed thereof he had knowledge that the coin was counterfeit.
The offence under this section is cognizable, non-bailable and non-compoundable, and is triable by magistrate of the first class.