Here we are going to explain what is punishable offence in this section and how much has imprisonment or fine under section 489C.
Possession of forged or counterfeit currency-notes or bank-notes:- in this section states that 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.
CLASSIFICATION OF OFFENCE Punishment:
Offence: - Possession of forged or counterfeit currency-notes or bank-notes
Punishment - Imprisonment for 7 Years or Fine or Both
This is a Bailable, Cognizable offence and Triable by Court of Session.