Pretty sure that the G2 series are all 350cc model Bullets. I believe the 500 models were designated JS.
It's a pre 1954 model, because the late 1954 models had a frame change, beginning with frame number G2/32351.
This should have the "loop frame" type of appearance for th rear shock mount area, like the modern India Bullets have, and not looking like the Interceptor frames. The Interceptor type frames weren't introduced until after late-1954.
From the description, it seems like the numbers match, so that's probably good.
But, there are some fakes running around.
If it was imported here recently from India, the odds of it being some kind of fake are much higher.
Show us a close up picture.
We can tell more by looking at it.