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The Cabinet on Thursday approved a symbol for the rupee that elegantly combines Devanagiri and Roman scripts to signify the rising strength, ambition and spread of the country's currency in a fast globalising economy. "The distinct symbol denotes the robustness of the Indian economy," Information and Broadcasting Minister Ambika Soni said, announcing the [/FONT][FONT="]cabinet decision. [/FONT]
[FONT="]The rupee, introduced as a silver coin for transactions by emperor Sher Shah Suri — who built the Grand Trunk road in the 16th century — was only two decades ago largely unrecognised in global markets, but now joins an elite club of symbol-endowed national currencies that include the US dollar, the British pound, the euro and the Japanese yen.[/FONT]
[FONT="]Computer keyboards will now need a rupee key akin to the dollar. Price tags will be reformatted.[/FONT]
[FONT="]But there are no plans to introduce the symbol in new currency notes immediately.[/FONT]
[FONT="]"There will be no change (in currency notes) overnight. It will be a long drawn process," a senior Reserve Bank of Indian (RBI) official told HT.[/FONT]
[FONT="]The symbol designed by D Udaya Kumar, who has just joined the faculty of the Department of Design at IIT Guwahati, was selected from more than 3,000 entries that were evaluated by a jury of experts, government and RBI officials.[/FONT]
[FONT="]"My design is based on the tricolour with two lines at the top and white space in between. I wanted the symbol for the rupee to represent the Indian flag," said Kumar.[/FONT]
[FONT="]The new symbol had been designed keeping in mind the ease with which it can be incorporated into the existing software systems.[/FONT]
The Cabinet on Thursday approved a symbol for the rupee that elegantly combines Devanagiri and Roman scripts to signify the rising strength, ambition and spread of the country's currency in a fast globalising economy. "The distinct symbol denotes the robustness of the Indian economy," Information and Broadcasting Minister Ambika Soni said, announcing the [/FONT][FONT="]cabinet decision. [/FONT]
[FONT="]The rupee, introduced as a silver coin for transactions by emperor Sher Shah Suri — who built the Grand Trunk road in the 16th century — was only two decades ago largely unrecognised in global markets, but now joins an elite club of symbol-endowed national currencies that include the US dollar, the British pound, the euro and the Japanese yen.[/FONT]
[FONT="]Computer keyboards will now need a rupee key akin to the dollar. Price tags will be reformatted.[/FONT]
[FONT="]But there are no plans to introduce the symbol in new currency notes immediately.[/FONT]
[FONT="]"There will be no change (in currency notes) overnight. It will be a long drawn process," a senior Reserve Bank of Indian (RBI) official told HT.[/FONT]
[FONT="]The symbol designed by D Udaya Kumar, who has just joined the faculty of the Department of Design at IIT Guwahati, was selected from more than 3,000 entries that were evaluated by a jury of experts, government and RBI officials.[/FONT]
[FONT="]"My design is based on the tricolour with two lines at the top and white space in between. I wanted the symbol for the rupee to represent the Indian flag," said Kumar.[/FONT]
[FONT="]The new symbol had been designed keeping in mind the ease with which it can be incorporated into the existing software systems.[/FONT]