India, July 20 -- Circulating fake currency poses a serious threat to the country's economy and undermines financial regulation, the Delhi high court has held while denying bail to a man accused of circulating fake Indian currency notes (FCIN) and counterfeit US dollars.

Justice Shalinder Kaur delivered her July 16 verdict, released on Thursday, while dealing with the petition of a man named Shoib Malik against a city court's March 20 order denying him bail.

The Delhi Police's special cell had named Malik as a co-accused in an FIR registered under various sections of Indian Penal Code including 489A (counterfeiting currency notes), 489D (making or possessing instruments for forging or counterfeiting notes), and 120B (criminal conspiracy...