Forgery is a Class C felony. Some potential penalties include jail time, fines, probation, or even restitution to the damaged parties.Offering false instrument for filing or record. Sections 467 and 468 IPC are punishable with imprisonment which may extend to ten years and seven years, and both with fine. The punishment is a maximum of one year in prison or three years probation. A person is guilty of forgery if, with intent to injure or defraud: (a) He or she falsely makes, completes, or alters a written instrument.