500 Rupias

Banco Nacional Ultramarino served as the privileged issuing bank for Portuguese overseas territories, and by 1924 this note would have circulated in Portuguese India — the small collection of enclaves including Goa, Daman, and Diu that remained under Lisbon's administration decades longer than any other European colonial possession in the subcontinent. Thomas De La Rue's involvement is expected for BNU issues of this period; the London firm handled much of the colonial Portuguese printing through the early twentieth century.

Five hundred rupias represented serious money in circulation — a denomination aimed at merchant transactions rather than daily wages.