This is a Ravi Varma oleograph of βMohiniβ, the only female avatar of the god Vishnu. She is an enchantress, who maddens lovers, sometimes leading them to their doom. An ultimate form of beauty, Mohini's weapon is Maya (illusion). In Indian classical and folk mythology, she is known to have beguiled and tricked demons to save humanity and divinity alike. Mohini also appears in the epic the Mahabharata in the form of Vishnu - she acquires the pot of Amrita (an elixir of immortality) from the thieving asuras (demons), and gives it back to the devas (gods), helping them retain their immortality.
This oleograph is from the 1930s. The details at the bottom state it was printed as part of a "Competition Edition", at the Ravi Varma Press, Karla-Lonavala.