The IPC 1860 was replaced by the BNS 2023 (in force 2024-07-01); no verified section mapping on file for Section 489C — confirm the corresponding provision (savings: Section 358, BNS 2023).
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--Imprisonment for 7 years, or fine, or both--Cognizable--Bailable--Triable by Court of Session--Non-compoundable.