Looks to be a postal stationery envelope cutout from Hyderabad.
Billigs shows five different dies. Their image is small and rough, so I would want to scan and enlarge it to be sure, but yours looks like Die V, which was found in 1/2-anna yellow on the 1887 post office issue, on white laid paper, and on private envelopes, on colored paper.
As always, anyone please feel free to add corrections or further information.
Dig in there with a magnifying glass and see if it isn't 1/2- instead of 1/4-anna. There is no 1/4-anna yellow that I see, and 1/4 anna was the postcard rate, which seem to all be in different designs, anyway (with the possible exception of the sole private postal card, but that is in red-brown).
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Posted 03/08/2018 10:04 am
