uvāca dūtaḿ bhagavān
parihāsa-kathām anu
utsrakṣye mūḍha cihnāni
yais tvam evaḿ vikatthase
uvaca -- said; dutam -- to the messenger; bhagavan -- the Supreme Lord; parihasa -- joking; katham -- discussion; anu -- after; utsrakshye -- I will throw; mudha -- O fool; cihnani -- the symbols; yaih -- about which; tvam -- you; evam -- in this way; vikatthase -- are boasting.
The Sanskrit word utsrakshye means "I will hurl, throw, let loose, abandon, etc." Foolish Paundraka demanded that Lord Krishna give up His powerful weapons, such as the disc and the club, and here the Lord replies, utsrakshye mudha cihnani: "Yes, fool, I will indeed let loose these weapons when we meet on the battlefield."
In Krishna, the Supreme Personality of Godhead, Srila Prabhupada nicely describes this scene as follows: "When all the members of the royal assembly, including King Ugrasena, heard this message sent by Paundraka, they laughed very loudly for a considerable time. After enjoying the loud laughter of all the members of the assembly, Krishna replied to the messenger as follows: 'O messenger of Paundraka, you may carry My message to your master. He is a foolish rascal. I directly call him a rascal, and I refuse to follow his instructions. I shall never give up the symbols of Vasudeva, especially My disc. I shall use this disc to kill not only King Paundraka but all his followers also. I shall destroy this Paundraka and his foolish associates, who merely constitute a society of cheaters and the cheated.' "