We really need a proper close-up scan of the item. However, I can say with certainty that it isn't an Indian States postage stamp. I can't immediately see any value on it, so I suspect it's just some sort of seal or label.
In the Oval it is written I write how it will be pronounced in Indian languages. "Kanna Yaa Laal" Kaniya Lal in three languages written English upper round frame, Center Urdu (Persian,Arabic type script) and Bottom oval frame in Hindi All says Kanaya Lal name probably Buisness Name.
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