| Re to have distinct symbol, joins elite currency club |
| Press Trust of India / New Delhi July 15, 2010, 12:33 IST |
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 6 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.
The competition is already making waves. The BBC commented on it, drawing parallels with Russia’s search for a new symbol for the rouble. The implication is that a currency symbol is itself symbolic of countries that want to project their confidence.
ReplyDeleteIn the past, it was the Japanese who got the for the yen and the Koreans who got the for the won, so now it was the turn of oil and gas rich Russia, and service sector and Slumdog successful India to get their own currency symbols.
But a quick search for official currency symbols shows that there’s a big lag between choosing one and getting it used. We are familiar with the dollar’s $ and the pound’s £.
Naduvilmadam
The Indian rupee will soon have a distinct and identifiable symbol that would reflect the strength of the over-trillion-dollar economy. The Indian currency will now join an exclusive club of international currencies viz. the US dollar, the British pound, the Japanese yen and the euro that have their own symbols.
ReplyDeletehyakubun@gmail.com
Only USA, UK, JAPAN and EUROPE have symbols for their currencies. Now India also joins the club. D. Udaykumar, a student of IIT, Mumbai, designed the new symbol. He basically hails from Tamilnadu and at present works as professor in Guwahati, Assam. When Reserve Bank of India decided to have a symbol of Rupee, they called for designs and got about 3000 proposals. Of these 3000 symbols, RBI selected 5 symbols. Finally government chose Mr. D. Udaykumar’s symbol. Minister Ambika Soni announced the decision and thus Indian Rupee got a symbol and now it is distinct from other nation’s Rupee, viz Pakistan, Bangladesh, Nepal, Sri Lanka and Indonesia also use their own Rupee but now Indian Rupee has own identity and a unique and distinct symbol.
ReplyDeleteintellectuals of the country. A report published in Times of India says that , ” after US dollar, British pound, Japanese yen and European euro, it is prestigious to have a symbol for Indian Rupee. Symbols connote strong economies and global currencies. That should make the power of symbolism clear, and the benefits of India joining this exclusive club. Admittedly , the Indian economy, despite its heavyweight status on the basis of sheer size, is not yet as globally relevant as some of the others. But its swiftly getting there. At over a Trillion dollars, it is a powerhouse not just in Asia but internationally……… What better time to exploit this and play up India’s global face and the weight of its economy by coining this symbol.”