The IPC 1860 was replaced by the BNS 2023 (in force 2024-07-01); no verified section mapping on file for Section 242 — confirm the corresponding provision (savings: Section 358, BNS 2023).
Whoever, fraudulently or with intent that fraud may be committed, is in possession of counterfeit coin, having known at the time when he became possessed thereof that such coin was counterfeit, shall be punished with imprisonment of either description for a term which may extend to three years, and shall also be liable to fine. CLASSIFICATION OF OFFENCE Punishment--Imprisonment for 3 years and fine--Cognizable--Non-bailable--Triable by Magistrate of the first class--Non-compoundable.