Aug 27, 2009

Rupee to get an Identification Symbol finally!!

The Indian rupee has never had a symbol and this is the reason why the Indian government has decided to invite designs from the Indian public and judge by the number of entries received. According to the reports, the response has been phenomenal.

Major currencies of the world like the US dollar, the pound sterling, the yen and the euro among others, have an identification symbol.

The Indian rupee, however, does not. In February this year, the Finance Ministry invited Indian residents to participate in a competition for designing a 'symbol for the Indian rupee'. Government officials have told CNBC-TV18 that as many 2,500 entries have been received from across the country.

While the designs are under the wraps for the moment, a seven-member committee will soon meet for the first time to short list five entries. The committee is headed by a Reserve Bank of India (RBI) Deputy Governor and will scrutinise the designs before choosing the final one.

The Finance Ministry has said that the symbol should represent the historical and cultural ethos of India and be widely accepted across the country. It has also said that the symbol should be applicable to a standard computer keyboard. The symbol will also have to be in the Indian national language script or a visual representation.

Finalising the chosen design will take a few months, but once the process is over, the Indian rupee will finally have a symbol - befitting its status as the currency of a rising economic power.

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