Currency Notes Are Still Backbone Of Commercial Transactions In India: Tripura HC [Read Judgment]

Being still used for transactions by multitudes in our country, in spite of growing accustomedness to the credit cards/debit cards or cashless system, the court said.

The Tripura High Court has observed that the currency notes are still the backbone of commercial transactions by multitudes in our country, in spite of growing accustomedness to the credit cards/debit cards or cashless system.

Justice SC Das made this observation while dismissing an appeal preferred by a person convicted for possession of forged or counterfeit currency notes.

The court observed that the accused was fleeing away from the spot which suggested that he had guilty mind and he knew that those currency notes were fake notes. In this context, the court observed: “The object of legislature in creating these provisions as may be inferred was not only to protect the economy of the country but also to provide adequate protection to currency notes and bank notes. The currency notes are, in spite of growing accustomedness to the credit cards/debit cards or cash less system, still the backbone of the commercial transactions by the multitudes in our country. But these provisions are not meant to punish unwary possessors or users.”

Referring to Section 489C of the Indian Penal Code, the court said if a person is found to be in possession of forged or counterfeit currency notes or bank notes and if he is intending to use the same as genuine or that it is likely to be used as genuine, the offence shall be presumed to have been committed.

The court also refused to give the benefit of the Probation of Offenders Act to the accused as he was dealing with the fake currency notes. It upheld the rigorous imprisonment of five years imposed on him, but reduced the fine of Rs.50,000 to Rs.5,000.

Read the Judgment here.

This article has been made possible because of financial support from Independent and Public-Spirited Media Foundation.