Hoping to earn a place in Australia's World Cup squad, Smith made a cautious start in Jaipur but soon found his groove and hit Punjab's Sam Curran for two boundaries, including a flick over square leg for six.
The 29-year-old escaped a close lbw shout in Curran's next over but was dismissed two balls later when he was caught by Lokesh Rahul on the long-off boundary.
Rajasthan lost six more wickets in the next 16 deliveries to finish on 170-9, 14 runs short of Punjab's total.
Smith and former Australia vice-captain David Warner are eligible to return to international cricket when their bans end on March 28. They were left out of Australia's squad for the current one-day series against Pakistan.
The World Cup in England and Wales starts on May 30.
(Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond)
