INDIAN Rupee

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Indian Rupee to Enter the Elite Club of Global Currencies with Exclusive Sign



The growing clout of Indian economy among world countries has prompted the Indian government to come up with a unique identification sign for rupee, like the ones for dollar, pound sterling, euro and yen. The Union Cabinet is scheduled to take up the proposal for approval in Parliament today.
The Finance ministry has shortlisted five symbols for the rupee sign, all of them designed to mirror the country’s rich history and culture. All the five shortlisted designs are simple and uncomplicated, for both countrymen and global users. According to reliable sources, the odds are in favor of one, which is taken from the letter ‘r’ written in Devnagari (Hindi) script with two parallel lines drawn across it.
After the government took the decision to have a unique sign for rupee, the finance ministry had invited public participation in designing the symbol with prize money of Rs 2.5 lakh. A seven-member panel of experts including those from Lalit Kala Akademi, National Institute of Design, J J Institute of Applied Art and Indira Gandhi National Centre, in addition to government officials and RBI representatives, shortlisted the entries.
In the absence of a sign, rupee is written in the abbreviated form ‘Rs’ or ‘Re’. Since rupee is the currency in many neighboring countries such as Pakistan, Nepal, Bangladesh and Sri Lanka, they also use the same abbreviations. With the economy on the upswing, the government is expecting a prominent role for Indian rupee in the global arena and having an exclusive rupee sign is considered essential.
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