20 Rupias

The Banco Nacional Ultramarino issued this note for circulation in Portuguese India — Goa, Diu, and Damão — where the rupia served as the local unit rather than the metropolitan escudo. Thomas De La Rue's work for BNU's Indian territories in this period is notably crisp in plate execution, the firm having supplied the colony's notes through multiple series dating back to the late nineteenth century.

By 1938, Portuguese India was an administrative anomaly increasingly surrounded by British Indian monetary infrastructure, and the rupia's exchange relationship with the Indian rupee was a practical daily reality for most users of this note.