UMASHANKER vs STATE OF CHHATTISGARH

The Supreme Court upheld the conviction of the appellant under Sections 489-B and 489-C of the IPC for using and possessing counterfeit currency notes. The Court clarified that the mens rea required for these offenses is 'knowing or having reason to believe' that the currency is forged. The High Court's reduction of the sentence from three years to two years for Section 489-B and one year for Section 489-C was also affirmed, emphasizing the need to protect the economy from such offenses.