IPC 489 vs BNS 489
● Retained in BNSCounterfeiting currency notes or banknotes
Section 489 of the Indian Penal Code, 1860, deals with counterfeiting or knowingly possessing counterfeit currency notes or banknotes with intent to defraud. This section targets fraudulent acts involving the illegal production, possession, or use of money, emphasizing protection of public financial stability and trust in currency.
Key points:
-
Applies when a person counterfeits, possesses, or uses currency notes or banknotes knowing them to be forged with intent to defraud.
-
Punishment: Imprisonment up to 7 years, and fine, reflecting the severity of the offence.
-
Protects public trust in monetary instruments, financial systems, and economic stability.
For example, printing fake banknotes or using counterfeit currency to make purchases constitutes an offence under IPC 489. This provision ensures strict deterrence against acts that compromise public confidence and financial security.
Counterfeiting currency notes or banknotes
Section 489 of the Bharatiya Nyaya Sanhita, 2023, mirrors IPC 489, punishing acts where a person counterfeits, possesses, or uses currency notes or banknotes with intent to defraud. This provision safeguards financial security, government revenue, and public trust in currency.
Key points:
-
Covers production, possession, or use of counterfeit currency or banknotes for fraudulent purposes.
-
Punishment: Imprisonment up to 7 years, and fine, same as IPC.
-
Ensures accountability for criminal acts undermining financial systems and public confidence.
For instance, distributing counterfeit currency in the market to gain unlawful profit falls under BNS 489. This aligns with IPC 489 to protect monetary instruments and prevent economic fraud.
What changed?
This provision was carried over to the Bharatiya Nyaya Sanhita with substantially the same wording — the section was renumbered from IPC IPC 489 to BNS BNS 489.