Indian rupee gets a symbol, joins elite currency club




 
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Indian rupee gets a symbol, joins elite currency club
 
July 15th, 2010  
zhaldev
 
 

Topic: Indian rupee gets a symbol, joins elite currency club


Indian rupee gets a symbol, joins elite currency club
NEW DELHI: 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 today 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.
Attached Images
File Type: jpg indian rupees.jpg (2.4 KB, 3 views)
July 15th, 2010  
Jilly
 
 
Thanks for the information. That's interesting.
July 16th, 2010  
SwordFish_13
 
 
Kinky .. It would take at least some years before it would used . they need to get it approved with Unicode So that keyboards can have that symbol
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Indian rupee gets a symbol, joins elite currency club
July 16th, 2010  
A Can of Man
 
 
Yeah that's what I was thinking.
Either way, I'm sure it's long overdue.
July 16th, 2010  
Shah
 
Why do I think this will lead to many problems and confusion?

Anyone have any ideas on how Unicode standardization works, it won't just magically pop up if you type in a code, right?
So would it be updated with computer operating system on the next release or online updates?
Plenty of computers at offices are still running Win2k or XP, many computers especially in the developing world lack internet... Seems like a lot of effort.

This should have been done decades ago.

Everyone will start using it for all Rupee currencies. Nepal uses Devanagari so it's the same, but what about Pakistan and others who will be represented by the new symbol, just like $ is used to represent all dollars. How will they take this?
 


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