AFTER A long period of time, the Union government of India approved the new Indian rupee symbol which is a mix of Devanagri ‘Ra’ and Roman symbol ‘R’. India rupee will be the fifth currency in the world to have a distinct identity. With its own distinct identity or symbol Indian rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen.
The symbol is designed by an IIT post-graduate student D Uday Kumar and later was approved by the Union Cabinet on Thursday (July 15, 2010).
A competition was organised for design of the currency symbol. There were more than 3000 entries of the designs among which Kumar's entry was chosen. Kumar will receive an award of Rs 2.5 lakh for his design.
Information and Broadcasting Minister Ambika Soni told reporters after the cabinet meeting that the symbol will be printed or embossed on currency notes or coins.
Soni also stated that the symbol will be featured on the computer key and software so that it can printed and displayed in electronic and print media.
The Information and Broadcasting Minister said that the symbol will be adopted within six months and gradually will be permanently seen globally within two years.