The IPC 1860 was replaced by the BNS 2023 (in force 2024-07-01); no verified section mapping on file for Section 241 — confirm the corresponding provision (savings: Section 358, BNS 2023).
Whoever delivers to any other person as genuine, or attempts to induce any other person to receive as genuine, any counterfeit coin which he knows to be counterfeit, but which he did not know to be counterfeit at the time when he took it into his possession, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine to an amount which may extend to ten times the value of the coin counterfeited, or with both. Illustration A, a coiner, delivers counterfeit Company's rupees to his accomplice B, for the purpose of uttering them. B sells the rupees to C, another utterer, who buys them knowing them to be counterfeit. C pays away the rupees for good to D, who receives them, not knowing them to be counterfeit. D, after receiving the rupees, discovers that they are counterfeit and pays them away as if they were good. Here D is punishable only under his section, but B and C are punishable under section 239 or 240, as the case may be. CLASSIFICATION OF OFFENCE Punishment--Imprisonment for 2 years, or fine, or 10 times the value of the coin counterfeited, or both--Cognizable--Non-bailable--Triable by any Magistrate--Non-compoundable.