Legal Provisions of Section 243 of Indian Penal Code, 1860.
Possession of Indian coin by person who knew it to be counterfeit when he became possessed thereof:
ADVERTISEMENTS:
While the preceding section punishes possession of a counterfeit coin, this section penalises possession of a counterfeit of an Indian coin with the knowledge at the time the accused possessed the same that it was counterfeit.
The section states that whoever, either fraudulently or with the intention that fraud may be committed, has in his possession a counterfeit coin which is a counterfeit of Indian coin, having, known at the time it came to his possession that it was counterfeit, shall be punished with simple or rigorous imprisonment for a term extending up to seven years, and shall also be liable to fine.
Image Source: lawnn.com
The accused must have intention to defraud or intention that fraud may be committed. The counterfeit coin which is a counterfeit of Indian coin must be in his possession and he must have known at the time he became possessed of it that it was counterfeit. Preparation of a crime has been made an offence under this section.
The offence under this section is cognizable, non-bailable and non-compoundable, and is triable by magistrate of the first class.