100 Rupees

The transition from Taylor to Deshmukh across this series marks one of the most consequential personnel changes in Indian central banking history. C.D. Deshmukh, appointed in 1943, was the first Indian to serve as Governor of the Reserve Bank — his signature variants on this note are not merely catalog distinctions but a direct record of that transfer of authority during wartime administration.

The watermark progression from "King in profile" to "King facing" reflects a deliberate security upgrade mid-series, creating the overlapping varieties that make P#20 one of the more granularly cataloged colonial Indian issues. Karachi-issued examples with specific prefix blocks (A63, A69, A96) are tracked separately, likely due to post-Partition provenance complications that make clean attribution difficult. The Cawnpore/Kanpur naming inconsistency between signature variants reflects the official renaming of the city during the series' active span.