Re to have distinct symbol, joins elite currency club

New Delhi, Jul 15 (PTI) 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.
The new symbol, designed by Bombay IIT post-graduate D
Udaya Kumar, was approved by the cabinet Thursday --
reflecting that the Indian currency, backed by an
over-trillion dollar economy, was finally making its presence
felt on the international scene.
"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.
Though the symbol will not be printed or embossed on
currency notes or coins, it would 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, Soni said,
adding that it will feature on computer keyboards and
softwares for worldwide use.
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 Pakistan, Nepal,
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.
"It is a perfect blend of Indian and Roman letters --
capital 'R' and Devanagri 'Ra' which represents rupaiah, to
appeal to international and Indian audiences... My design is
based on the tricolour, with two lines at the top and white
space in between," a visibly-happy Kumar said.
The jury, which had sent the five short-listed entries
for the cabinet's approval, was headed by a Reserve Bank
Deputy Governor. PTI