Provision

Whoever has in his possession any forged or counterfeit currency-note or bank-note, knowing or having reason to believe the same to be forged or counterfeit and intending to use the same as genuine or that it may be used as genuine, shall be punished with imprisonment of either description for a term which may extend to seven years, or with fine, or with both.


Simply Put

Anyone who has in his possession any forged or counterfeit currency-note or bank-note, knowing or having reason to believe the same is forged or counterfeit and intending to use the same as genuine or that it may be used as genuine, then such a person shall be punished with imprisonment for a term which may extend to seven years, or with fine, or with both.



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