Indian Rupee gets unique symbol

2010
By Syed Akbar
The Indian government has finally selected symbol for the Rupee. The Union Cabinet on July 16 approved the new unique currency symbol for the Rupee. 
Imagine your computer keyboard having a new key with a new symbol. And the Rupee note you hold sporting altogether a new look with a currency symbol you have not seen before.
This is just what’s going to happen in the next few months, with our Indian Rupee all set to get its own unique symbol, in line with the world’s most powerful currencies – the US dollar, the British Pound, the Euro and the Japanese Yen.

“The unique symbol will give Indian Rupee a place of its own in the world financial market, making it easily tradable in the West. It will also establish the supremacy of the Indian economy and the prowess of the Indian Rupee,” saysK Narasimha Murthy, IDBI director.
The symbol will also give a distinct identity to the Indian currency as poor countries like Pakistan, Nepal and Sri Lanka also use the abbreviated letters Rs for their money. “This is leading to confusion in the world financial market. A unique symbol for the Indian currency is the need of the hour,” Murty points out.
The Indian Rupee is now represented with abbreviated letters Rs or INR. Though India is the second largest democracy in the world, its currency does not have a unique symbol or distinct identification in the world financial market.
This is in contrast with currency symbols of powerful nations – $ sign for the US dollar, £ for British pound and € for Euro of the European Commission. The new symbol for the Rupee will be in Devanagri script representing the letter “R” (ra).
The Centre government was scheduled to take a final decision on the unique currency sign or symbol for the Rupee at its Cabinet meeting on June 24, but it had deferred the decision to a latter date. The Cabinet has before it five shortlisted symbols for the Rupee.

The Union Finance Ministry received as many as 36,000 responses to the “unique symbol for the Indian Rupee” competition it held last year. Of these entries, officials have zeroed in on five, for approval by the Cabinet. The winner (whose design is selected) will get a reward of Rs 2.5 lakh, but he has to surrender the rights over the unique design.
Business magnate Y Harischandra Prasad, who headed CII State chapter till recently, observes the symbol will give a “definite edge” to the Indian currency as India is “poised to become a major financial superpower”.  It will also boost exports.
While the Rupee getting a unique symbol is heartening news, the changeover is not going to be an easy task. First, computer manufacturers will have to create a new key in the keyboard to accommodate the new Rupee symbol, or replace one of the existing characters on a key with the Rupee character.
Secondly, the Reserve Bank of India and the foreign agencies involved in the printing of the Indian currency will have to make changes in their printing set-up. Thirdly, there has to be a massive campaign to inform people that both the new currency and the old currency continue to be the legal tender.
Union Finance Minister Pranab Mukherjee announced during the presentation of recent Budget in Parliament on February 26 that the Rupee would get the unique symbol during 2010-2011.
According to BS Rawat, deputy secretary to the Government of India, the symbol will represent the historical and cultural ethos of India as widely accepted across the country. The symbol will also be applicable to standard keyboard.