Indian Rupee gets globally recognized symbol for the first time ever

D. Uday Kumar, an IIT post-graduate has given the Indian Rupee its first ever symbol which will henceforth be officially recognized the world over. The 5 member panel has recommended the same for cabinet approval from a shortlisted five symbols.

This came with the ministry having organized a symbol design competition for a prize money of  Rs 2.5 lakh with certain conditions such as it should represent the cultural and historical flavors of the country, should be in the national script or a visual representation and should be applicable to the standard keyboard.

The symbol standardized by Mr Kumar is an amalgam of the Devanagiri word “Ra” and Roman letter “R” without its stem. His concept is based on the Tricolour (the white space between the two horizontal lines giving an impression of the National Flag with the Ashok Chakra) and also arithmetic equivalence (the two parallel lines which stands for “equals to”, which represents balance in the economy).

Earlier this year Finance Minister Pranab Mukherjee had said, “We intend to formalise a symbol for the Indian rupee which reflects and captures Indian ethos and culture.” in his budget speech. A ministry official confirmed that the chosen symbol has passed the Finance Mister’s approval.

The new symbol will help India uniquely distinguish its currency from neighboring countries like Pakistan, Sri Lanka and Nepal from the existing practice of denoting a sum of money with the abbreviation “Rs”. However this motive is only secondary ahead of the basic aim, being the need to provide the Indian Rupee international recognition as the country’s economy boosts its influence towards the global arena.