New Rupee Symbol of India – Indian Rupee Symbol approved by Cabinet
New Rupee Symbol of India or Indian Rupee Symbol approved by Cabinet. The Indian rupee had its own symbol, a mix of the Devanagri ‘Ra’ and Roman ‘R’, to become the fifth currency in the world to have a distinct identity. This New Rupee Symbol of India or Indian Rupee Symbol designed by IIT post-graduate D Uday Kumar and was approved by the Union Cabinet today on July 15, 2010.
The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol.
The symbol will be printed or embossed on currency notes or coins shortly. D Uday Kumar (IIT post-graduate) entry was chosen from among 3,000 designs competing for the currency symbol. He will get an award of Rs 2.5 lakhs.
The government will try this New Rupee Symbol of India or Indian Rupee Symbol within six months in the country and globally within 18 to 24 months. The symbol will feature on computer key boards and softwares so that it can be printed and displayed in electronic and print.This would also help in distinguishing the Indian currency from rupee or rupiah of countries like Pakistan, Nepal, Sri Lanka and Indonesia.
The decision to have a symbol for the Indian rupee was taken by the government last year. The finance ministry wanted the symbol to represent the historical and cultural ethos of the country and called for entries from the public.