
This is Índia Portuguêsa 1943 1T
Porteado ovpt. on 1933 5T Padrões orange red typograph postage due stamp [Mundifil (ex-Afinsa) 36].
The unoverprinted base stamp (Mundifil 343), commonly called the Padrões issue, was printed as part of a set of 15, authorized by the government order no. 18567 dt. June 30,1930 following the color code fixed in Article 6 of the Convention adopted in IX UPU Congress 1928 London but the printing got delayed and the stamps were issued only in 1933.
During WW2, as there was scarcity of paper and no printing of Por. India stamps was done, the 1933 Padrões stamps were overprinted to surcharge/convert to postage due stamps.
All Padrões stamps were officially withdrawn with effect from January 1,1949 vide government order no. 12598 dt. October 21,1948.
Vignette: It shows the carraca
São Gabriel, the 750 ton navio-almirante of the armada of Vasco da Gama in the expedition (1497-99) to discover direct sea route from Portugal to India for Indian spices.
It left Restolo, Portugal on July 8,1497 and reached Kappakadavu, India on May 20,1498 where da Gama first landed in India.
At the right is the
Efígie da República (fortunately/unfortunately not bare-breasted as
La Liberté guidant le peuple 
), the national personification of the República Portuguêsa.
The shield held by the
Efígie da República shows the Coat of Arms of Portugal (officially adopted on June 30,1911) which depicts a
padrão or cross, thus imparting the name
Padrões (plural of padrão) to the series.
CORREIO at the top means post.
Designer and Engraver of the Plate: Arnaldo Fragoso
Printing Process: Typography
Printer: Casa da Moeda, Lisboa, Portugal
Overprinting Process: Letterpress
Overprinter: Imprensa Governamental, Panje
Paper: thick paper (papel espesso) (86-100#956;m)
Watermark: Cruz da Ordem de Cristo
Perforation: 11¾×12
Sheet Composition: 70 (10×7)
Circulation: 1933 to 12.31.1948.
Postmark: Even though only 3 letters in the cancel are visible, I can tell that it is type IIa Correio cds (recorded used 1898 to 1952) of Lotli (15.3511°N 73.9771°E), now located in Sashti sub-district of South Gõy district of Gõy.