20 Rupias

The Banco Nacional Ultramarino issued this note for Portuguese India — Goa, Daman, and Diu — where the rupia, not the escudo, remained the local unit of account well into the twentieth century. BNU held the note-issuing concession for Portuguese overseas territories, and the Goa branch operated semi-independently from Lisbon's monetary decisions for decades.

Thomas De La Rue printed the series in London. The 1924 date places it squarely in a period of chronic fiscal stress for Portugal itself, though the Indian branches remained relatively insulated from the metropolitan chaos of the early Republic years.