Provision

Whoever has in his possession any instrument or material for the purpose of being used, or knowing or having reason to believe that it is intended to be used, for the purpose of counterfeiting any stamp issued by Government for the purpose of revenue, 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

This section penalizes possession of instruments or material for the purpose of counterfeiting government stamps. Preparation to commit a crime has been made an offence under this section. The section states that whoever possesses any instrument or material for the purpose of being used, or having knowledge or having reason to believe that it is intended to be used, for the purpose of counterfeiting any government stamp issued for the purpose of revenue, 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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