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Thursday, July 15, 2010

News:Cabinet approves new rupee symbol

The Union Cabinet on Thursday approved the new symbol for the Indian rupee - an amalgam of the Devnagiri 'Ra' and the Roman capital 'R' without the stem.
The symbol, designed by an Indian Institute of Technology (IIT) postgraduate D Udaya Kumar, was selected from among five shortlisted symbols before the cabinet, information and broadcasting minister Ambika Soni said after the cabinet meeting."My design is based on the Tricolour with two lines at the top and white space in between. I wanted the symbol for the Rupee to represent the Indian flag. It is a perfect blend of Indian and Roman letters: a capital 'R', and Devnagari 'Ra', which represent rupiya, to appeal to international and Indian audiences. After working on the design for few months, I shortlisted eight to 10 designs and then refined them further till I got this one," said Kumar. It would take about six months in India and about two years to make it recognized internationally.The government had organised a symbol design competition with a prize of Rs 2.5 lakh for the winner.  Five designs were shortlisted. D Udaya Kumar had submitted more than one design.The contestants were asked to design a symbol that would be the Hindi alphabet Ra with two lines - to  "reflect and capture the Indian ethos and culture"
The growing influence of the Indian economy in the global space is said to have prompted this move. The Rupee will join the select club of global currencies like the US dollar, the British Pound, European Euro and Japanese Yen that have unique symbols.

Right now, the abbreviation for the Indian Rupee, 'Re' or 'Rs' is used by India's neighbours Pakistan, Nepal and Sri Lanka as well.

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