The IPC 1860 was replaced by the BNS 2023 (in force 2024-07-01); no verified section mapping on file for Section 243 — 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, which is a counterfeit of Indian coin, having known at the time when he became possessed of it that it was counterfeit, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine. CLASSIFICATION OF OFFENCE Punishment--Imprisonment for 7 years and fine--Cognizable--Non-bailable--Triable by Magistrate of the first class--Non-compoundable.