IPC § 242 · Indian Penal Code, 1860 · Repealed on 1 July 2024
Section 242 IPC — Possession of counterfeit coin by person who knew it to be counterfeit when he became possessed thereof
Replaced from 1 July 2024 by BNS 180 of the Bharatiya Nyaya Sanhita, 2023. Offences committed on or before 30 June 2024 are still charged under the IPC.
The law now: BNS 180 — Possession of forged or counterfeit coin, Government stamp, currency-notes or bank-notes
Whoever has in his possession any forged or counterfeit coin, stamp, 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.
Explanation.—If a person establishes the possession of the forged or counterfeit coin, stamp, currency-note or bank-note to be from a lawful source, it shall not constitute an offence under this section.
Source: India Code (indiacode.gov.in). The Gazette of India is the authoritative text. BNS 180 in full