2 Rupees

The Reserve Bank of India was established in 1935, and this 2 Rupee note belongs to the earliest phase of its note-issuing activity — a period when the bank was still operating under colonial monetary arrangements, with the British Crown remaining the ultimate authority over Indian currency. The transition from King George VI imagery to independent India's symbols had not yet occurred; these notes circulated across a subcontinent that would be partitioned in 1947, meaning surviving examples may have passed through territory that became Pakistan.

Three signature varieties exist for Pick 17: J.B. Taylor (who served as the bank's first Indian-signed notes preceded him), and C.D. Deshmukh in both black and red serial number printings. Deshmukh became the first Indian Governor of the RBI in 1943, and his two variants reflect a transitional reprint rather than any policy change.