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Indias New symbol For Rupee Joins Elite Currency Club


By: Pooja   
Date Added : July 19, 2010 Views : 727


On 5th of March, 2009 the Indian government announced a contest to create a symbol for the rupee. During the Union Budget 2010 Finance Minister Mr. Pranab Mukherjee mentioned that proposed symbol would reflect and capture the Indian ethos and culture. Five symbols had been short listed, and the Cabinet selected the definitive symbol on 15th July 2010 .



The new symbol, designed by Bombay IIT post graduate D Udaya Kumar, was approved by the cabinet today reflecting that the Indian currency, backed by an over-trillion dollar economy, was finally making its presence felt on the international scene.



The Indian rupee will soon have a unique symbol a blend of the Devanagri 'Ra' and Roman 'R' joining elite currencies like the US dollar, euro, British pound and Japanese yen in having a distinct identity.




"It's a big statement on the Indian currency... The symbol would lend a distinctive character and identity to the currency and further highlight the strength and global face of the Indian economy," Information and Broadcasting Minister Ambika Soni told reporters after the cabinet meeting.



The symbol will be included in the 'Unicode Standard' and major scripts of the world to ensure that it is easily displayed and printed in the electronic and print media.



Among currencies with distinctive identities, only the pound sterling has its symbol printed on the notes.



Unicode is an international standard that allows text data to be interchanged globally without conflict. After incorporation in the global and Indian codes, the symbol would be used by all individuals and entities within and outside the country.



The symbol will be adopted in a span of six months in the country, and within 18 to 24 months globally, Ambika Soni said, adding that it will feature on computer keyboards and softwares for worldwide use.



Ambika Soni said that the symbol, which reflects the Indian ethos and culture, would help distinguish the currency from the rupee or rupiah of other countries like Nepal, Pakistan, Sri Lanka and Indonesia.



Besides this, state governments would be asked to proactively promote the use of the new symbol, she added.



Kumar's entry was chosen from 3,000 designs competing for the currency symbol. He will get an award of Rs 2.5 lakh.



The jury, which had sent the five short-listed entries for the cabinet's approval, was headed by a Reserve Bank Deputy Governor.



"My design is based on the Tricolour with two lines at the top and white space in between. I wanted the symbol for the Rupee to represent the Indian flag. It is a perfect blend of Indian and Roman letters: a capital 'R', and Devnagari 'Ra', which represent rupiya, to appeal to international and Indian audiences. After working on the design for few months, I shortlisted eight to 10 designs and then refined them further till I got this one," said Kumar.



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