The relationship between India and Portugal, particularly in the realm of trade, dates back to 1948 with the arrival of Vasco Da Gama. As one of the earliest European powers to set foot on the Indian subcontinent in 1498, the Portuguese wielded substantial influence for close to two centuries. This dominance, however, was gradually overshadowed by the entry of the British East India Company, which reduced Portuguese control to Goa, Daman-Dui, and Dadra-Nagar Haveli.

The commencement of the Portuguese India banknote issue can be traced back to 1882, signifying a remarkable milestone in the history of Indo-Portuguese commerce.

The Portuguese enjoyed a prosperous trade partnership with India for more than a century. On the 1st of November 1882, they issued the first uniface note, the Portuguese India Rupia, in a denomination of 5 with a watermark. In the same month, additional notes of 10, 20, 50, and 100 Rupias were issued, each bearing a manuscript signature or being hand-signed. The circulation of these Rupias began around 1883.

The inaugural Indo-Portuguese currency was introduced in 1917 and was referred to as "Uma Rupia". This marked the second issue of the ‘Banco Nacional Ultramarino’, which translates to the Overseas National Bank of New Goa.

On the 1st of January 1924, notes with denominations of 1, 2½, 5, 10, 20, 50, 100 & 500 were issued. Thomas de la Rue & Co. Ltd., Gravadores, London were responsible for the printing of these notes, all of which were a part of the Portuguese India banknotes collection.

Significantly, the 1 Rupia and 2 1/2 Rupia notes portrayed the majestic Indian Tiger on the obverse side. The reverse side featured the iconic Jagannath temple of Puri in Orissa, an important Hindu pilgrimage site dedicated to Lord Jagannath, a form of Vishnu who is considered a part of the divine trinity in Hinduism.

Located in the Puri district of Odisha, the Jagannath Temple is known for its deity idol crafted from wood, which is ritually replaced every twelve or nineteen years. Built in the 12th Century by King Anantavarman Chodaganga of the Ganga Dynasty, the temple is one of the Char-Dham Pilgrimages and is popular for the Ratha Yathra, or the Chariot festival.

Other denominations like the 5, 10, and 20 Rupias depicted the Saptkoteshwara temple, a place of worship dedicated to Lord Shiva in the form of Saptakoteshwar. The temple is located in Navre, in the Indian state of Goa and is one of the six great temples of Lord Shiva in the Konkan area. The temple was built by queen Kamaldevi, a devout worshipper of the deity. The Kadamba kings used the title (Birudu) Shree Saptakotisha Ladbha Varaveera with pride.

Portuguese colonialism in India commenced with the arrival of Vasco Da Gama on the Malabar Coast on 20th May 1498. Although he originally came to India with the intention of trade, he soon bypassed the Ottoman Empire and discovered a sea route that resulted in a profit far beyond the initial investment.

The first Viceroy of the Portuguese in India was Francisco de Almeida, who established the first headquarters in modern-day Cochin. In 1509, Alfonso de Albuquerque became the second governor of the Portuguese, and with the support of the Vijaynagar Empire, defeated the Bijapur Sultanate in 1510 and established a permanent settlement in Goa.

The unique and colonial-era built heritage of Goa is a testament to the lasting Portuguese influence. From churches, basilicas, and seminaries to fortresses and residential houses, Portuguese architecture is prominently displayed throughout the region. Portuguese India banknotes were not merely monetary instruments but also encapsulated the intricate architectural essence of the era. Landmarks such as Fort Aguada, Reis Magos Fort, and numerous Goan homes reflect the signature Portuguese architectural style.