Counterfeiting coin, government stamps, currency-notes or bank-notes
Whoever counterfeits, or knowingly performs any part of the process of counterfeiting, any coin, stamp issued by Government for the purpose of revenue, currencynote 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. Explanation
For the purposes of this Chapter,
(1) 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;
(2) “coin” shall have the same meaning assigned to it in section 2 of the Coinage Act, 2011 and includes metal used for the time being as money and is stamped and issued by or under the authority of any State or Sovereign Power intended to be so used;
(3) a person commits the offence of “counterfeiting Government stamp” who counterfeits by causing a genuine stamp of one denomination to appear like a genuine stamp of a different denomination;
(4) a person commits the offence of counterfeiting coin who intending to practice deception, or knowing it to be likely that deception will thereby be practiced, causes a genuine coin to appear like a different coin; and
(5) the offence of “counterfeiting coin” includes diminishing the weight or alteration of the composition, or alteration of the appearance of the coin.
Key Points:
Counterfeiting Definition:
Counterfeiting refers to the illegal act of creating fake or forged versions of coins, government-issued stamps, currency notes, or banknotes, or knowingly participating in any part of the counterfeiting process.
The intent behind counterfeiting is often to deceive or defraud others by presenting these items as genuine.
Punishment:
The punishment for counterfeiting can be imprisonment for life, or imprisonment for a term which can extend to ten years, along with a fine.
The severity of the punishment reflects the seriousness of the crime, as counterfeiting undermines economic stability and government trust.
Explanation of Terms:
Bank-note:
Defined as a promissory note or a document that promises the payment of money to the bearer on demand.
Can be issued by a bank or under the authority of a State or Sovereign Power.
It serves as a substitute for money and is recognized globally in the banking system.
Coin:
Defined under Section 2 of the Coinage Act, 2011, it refers to any metallic item used as money.
Issued under the authority of a State or Sovereign Power for the purpose of circulation as currency.
Counterfeiting Government Stamp:
This offense involves making a genuine stamp of one denomination appear like a stamp of a different denomination.
This deception is specifically aimed at altering the value of the stamp for fraudulent purposes.
Counterfeiting Coins:
A person counterfeits coins when they intentionally cause deception by making a genuine coin appear like a different coin.
This can involve altering the weight, composition, or appearance of the coin to mislead people into thinking it is of a different value or denomination.
Acts of Counterfeiting Include:
Creating fake items such as coins, stamps, currency notes, or banknotes.
Altering genuine items to deceive others (e.g., making a coin appear as a higher denomination or altering a government stamp's denomination).
Reducing the weight or changing the composition of coins to make them appear different.
Offence : Counterfeiting coins, government stamps, currency-notes or bank-notes.
Punishment : Imprisonment for life, or imprisonment for 10 years and fine.
Cognizable or Non-cognizable : Cognizable.
Bailable or Non-bailable : Non-bailable.
By what Court triable : Court of Session.
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