The Collaborative International Dictionary of English v.0.48:

Olay \O"lay\ ([=o]"l[imac]), n. pl. [Tamil [=o]lai.]
   Palm leaves, prepared for being written upon with a style
   pointed with steel. [Written also ola.] --Balfour (Cyc. of
   India).
   [1913 Webster]

WordNet (r) 3.0 (2006):

ola
    n 1: leaf or strip from a leaf of the talipot palm used in India
         for writing paper [syn: ola, olla]