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SHORT ANSWER: Possession of fake currency is punishable under the Indian Penal Code (IPC). DETAILS: - Under IPC Section 489B, possessing counterfeit currency notes is an offense. - The punishment can include imprisonment for a term that may extend to 10 years and a fine. PUNISHMENT / IMPLICATIONS (if applicable): - Imprisonment for up to 10 years. - Fine may also be imposed. SOURCE: - Indian Penal Code (IPC)
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