2016-01-14 Thu

The territory of Goa in western India was seized in 1510 and the Portuguese enjoyed a monopoly of trade with India for more than a century till the arrival of the Dutch and the English. However the territories of Goa, Daman and Diu were retained by them till 1961.

The first paper money issued specifically for Portuguese India was issued by the Junta da Fazenda Pública in 1882 in denominations of 10 and 20 rupias. These were followed in 1883 by notes issued by the General Government (Governo Geral) for 5, 10, 20, 50, 100 and 500 rupias.

In 1906, the Banco Nacional Ultramarino took over the issuance of paper money, issuing notes for 5, 10, 20 and 50 rupias. These notes incorporated the portrait of the King of Portugal. The early notes issued by the bank carried the seal of the bank. Most issues carried the Commerce and Sailing Ships motifs common to many colonial issues. Indian symbols and motifs were also seen on some notes.

In 1917, notes were added for 4 and 8 tangas (16 tangas equalled 1 rupia), 1 and 2½ rupias. 100 and 500 rupias notes were reintroduced in 1924. The rupia was the currency of Portuguese India until 1958.