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:
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.
ADVERTISEMENTS:
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.
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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.