Indian Rupee Gets New Symbol, New Identity
July 15, 2010 at 9:56 AM by AHN · Leave a Comment
New Delhi, India (AHN) – The Indian cabinet approved on Thursday a new symbol for the Indian rupee, With the implementation of the design, the Indian currency will have a distinct identity of itself, like other elite currencies such as the U.S. dollar, euro, British pound and Japanese yen.
The design is a combination of the Devanagri “Ra” and Roman “R” without the stem. Two parallel lines run horizontally along the top of the figure.
Unveiling the new symbol, India’s Information and Broadcasting Minister Ambika Soni told reporters, “It is 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.”
With a new symbol for itself, rupee, which represents an economy worth more than a trillion dollars, hopes to make a mark on the international arena.
It took a Bombay Indian Institute of Technology post-graduate, D. Udaya Kumar, to capture the essence of Indian economy along with the cultural ethos of this fast-emerging Southeast Asian economic giant. Kumar’s design was one of 3,000 designs were submitted for the competition organized to find a new symbolic identity for the Indian currency. Now that his design has been officially accepted, Kumar will receive an award worth Rs 2.5 lakh (US$5,000).
For now, the government has decided not to use the symbol in print or get it embossed on currency notes or coins. The new symbol will only be incorporated in the “Unicode Standard” to ensure its correct display in print and electronic media.
The Unicode Standard is an international standard that facilitates smooth interchange of text information all over the world.
It will take about six months for India to adopt this symbol after fulfilling the Inherent formalities. The new symbol will also be featured on computer keyboards as well as software for global usage.
