Provision

Whoever imports into [India], or exports therefrom, any counterfeit coin, which he knows or has reason to believe to be a counterfeit of [Indian coin], 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.


Simply put

This section punishes import or export of counterfeits of the Indian coin. It says that whoever imports into India, or exports from India, any counterfeit coin which he either knows to be a counterfeit of Indian coin or has reason to believe to be counterfeit of Indian coin, shall be punished with imprisonment for life, or with simple or rigorous imprisonment for a term extending up to ten years, and shall also be liable to fine.



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