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New Indian Rupee Symbol
India is one of the fastest growing economies in the world. It
was only fitting that currency of India; rupee will soon have a
distinct and identifiable symbol. The new symbol will be a perfect
representative of strength of the over-trillion-dollar Indian
economy. The arrival of new Indian rupee symbol has catapulted
India to a very elite league. Currently, there is an exclusive club
of international currencies namely - the US dollar, the British
pound, the Japanese yen and the euro and now the Indian rupee.
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The new rupee symbol has been designed by Mr D. Udaya
Kumar who is a post graduate from IIT, Mumbai. Indian
government had announced a nationwide contest for new rupee
symbol. More than 3000 entries were received in this national
competition. It was truly a tough challenge to select one design
because of quality of several other designs. Government had
formed a jury headed by the RBI Deputy Governor. The jury
evaluated all the designs and selected the one designed by Mr.
Kumar. The new symbol is a wonderful blend of the Devanigiri
Ra' and roman R'.
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What new rupee symbol does is to lend a distinctive character
and identity to the Indian currency. In some ways, it reflects the
strength of the growing Indian economy. There are few other
countries whose currencies are also designated as Rupee or
Rupiah, like Indonesia, Pakistan, Nepal and Sri Lanka. New
rupee symbol will help Indian currency in distinguishing itself
from other currencies. Now, Indian currency will be
internationally recognized just the way Yen, Dollar and Pound are
recognized.
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The further course of action aims at inclusion of the symbol in
the Indian standard also known as Indian script Code for
Information Interchange (ISCII). This will ensure assigning codes
to the symbol for processing on computers. New Indian rupee
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symbol will also need to be included in the Unicode standard
which basically refers to an international encoding scheme
applied to uniquely identify characters. The process can take few
months. As of now, there is no plan of printing or embossing of
the symbol on Indian currency notes or coins.
Importance of Indian rupee symbol
Indian government cabinet gave approval to the new graphic
symbol for the rupee on 15th July 2010. It is a well calculated
move to project Indian currency as an icon of the growing
importance of India in worlds economy. By giving its approval for
new rupee symbol, India joined a very elite group of the USA, UK,
Japan and European Union to have its own currency symbol. The
new rupee symbol is a welcome addition to Indias influential role
on the global stage. Considering the reputation of
Indian financial markets, it was only fitting for Indian currency to
have its own symbol.
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India is one of the fastest growing economies along with
China. The country has kept clocking over 7%-9% of growth rate
every year and thats no mean feat in a world which is still
grappling with aftereffects of economic recession and reemergence of downturn in certain parts of Europe. However,
India remained an exception even during the worst two years of
world economy in 2008-09. The growth rate didnt slow down
considerably and Indian remained a shining light in the gloom
and doom scenario of recession. That reflects the strength of
the Indian economy. Considering this, it was only recommended
to have a unique Indian rupee symbol.
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The symbol also helps in distinguishing the Indian rupee from
the similarly-named currencies of Sri Lanka, Pakistan, Indonesia
and Nepal. Worldwide, renowned economists have expressed
their approval and delight at this new phenomenon. The new
symbol will prove crucial in enhancing Indias growing financial
clout. The rupee symbol reflects ever-increasing economic
linkages between India and the world.
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Till now, Indian rupee was abbreviated as Rs, Re or INR. But
soon we will have Indian rupee symbol in keyboards and other
places. New symbol is a reflection of Indian ethos and culture.
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The symbol would be used across a wide range of technical
applications including mobile phones, computer software,
banners and web world. This will be definitely registered as a
historic step in Indian economy that only reinforces the
important role played by Indian economy in the global market.
New Indian rupee symbol definitely gives all the Indians a reason
to feel proud of our country.
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