Whoever makes or performs any part of the process of making, or buys or sells or disposes of, or has in his possession, any machinery, instrument or material for the purpose of being used, or knowing or having reason to believe that it is intended to be used, for forging or counterfeiting any currency note or bank note, shall be punished with imprisonment for life, or with imprisonment for a term which may extend to 10a term which may extend to 20 years, and shall also be liable to fine.