100 Rupias

Banco Nacional Ultramarino's Goa issues occupied a peculiar administrative space — the bank held a note-issuing concession for Portuguese India separate from its African territories, and the rupee-denominated series sat entirely outside the escudo framework used elsewhere in the Portuguese colonial system. The 1938 date places this note in the period when BNU was consolidating its position in the Estado da India under Salazar's Estado Novo reorganization of colonial finance.

Thomas De La Rue's involvement is consistent with BNU's practice for higher denominations, where security printing standards mattered more than cost. The unlisted Pick reference suggests surviving documentation on this specific issue remains incomplete in the major catalogs.