10 Rupias

Banco Nacional Ultramarino issued this note for Portuguese India — Goa, Daman, and Diu — where the rupia remained the unit of account distinct from the escudo used elsewhere in the Portuguese empire. The 1938 dating places it within a relatively stable interwar window for the territory, before wartime disruptions to shipping and supply affected note distribution across the Estado Novo's overseas possessions.

Thomas De La Rue's involvement was consistent across BNU's colonial issues of this period; the London connection was commercial, not political, and continued even as Lisbon tightened administrative control over its colonial banking apparatus through the 1930s.