Provision

Whoever, fraudulently or with intent that fraud may be committed, is in possession of counterfeit coin, which is a counterfeit of [Indian coin], having known at the time when he became possessed of it that it was counterfeit, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.


Simply put

While the preceding section punishes possession of a counterfeit coin, this section penalizes 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



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