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India had extensive links with
the Hellenic and Roman civilisations between the 4th century
BC and the 4th Century AD. Alexander's invasion of the Punjab
gave rise to the Hellenic links and very considerable maritime
trade established links with the Roman Empire. Renewed contact
with the West began with the arrival of the Portuguese navigator
Vasco da Gama at Calicut in 1498. Francisco de Almeda and
Afonso de Albuquerque helped establish and consolidate Portuguese
power in India and the East. The territory of Goa in western
India was seized in 1510. The Portuguese enjoyed virtual monopoly
of trade with India for more than a century till the arrival
of the Dutch and the English. They, however, retained the
territories of Goa, Daman and Diu till 1961. The first Indo-Portuguese
issues of paper currency were the 'Rupia' denominated notes
put into circulation around 1883. These notes incorporated
the portrait of the King of Portugal. These were issued in
denominations of 5,10,20,50,100 and 500. In 1906, 'Banco Nacional
Ultramarino' was entrusted with the responsibility of issue
of paper money in India for the Portuguese held territories.
The early notes issued by the bank carried the seal of the
bank. New denominations of 4 Tangas, 8 Tangas and One Rupia
and 21/2 Rupias were introduced in 1917. Most issues carried
the Commerce and Sailing Ships motifs common to many colonial
issues. Indian symbols and motifs (architectural and exotic
fauna) were adopted on some notes. Later notes carried the
portrait of Afonso De Albuquerque. The monetary system in
vogue in Goa consisted of the Reis, the Tanga and the Rupia
with one Rupia consisting of 16 Tangas. In 1959, the denominational
unit was changed from Rupia to Escudos with one Escudo consisting
of 100 Cent avos. New notes with the denominations of 30,
60, 100, 300, 600 and 1000 were introduced. These remained
in circulation till 1961. When Goa was annexed to the Indian
Union, these notes were replaced by Indian currency.
 
 
 
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