The Indian Rupee has finally got its official symbol, thus giving Rupee a distinct identity and international recognition. The RBI and the Finance Ministry of India had finalized the design submitted by Mr. D Uday Kumar, a post-graduate from IIT Bombay. Who created a blend of the Devanagri 'Ra' and Roman 'R' and was finally selected as the winning symbol.
The contest for the symbol of Indian Rupee was started by the government of India in which it set the guidelines for the design and invited the citizen of India to come up with a design for the Indian Currency, the Indian Rupee.
The set guidelines for the contest for the Indian designs stated that the design should be Indian and the Design of the Indian rupee should contain the word रा pronounced as "RA" in the design.
As per what we all know the USD symbol is $, GBP is £, Euro is €, and Yen is ¥. The Indian Finance Ministry also wanted to have a symbol for INR. My belief is that the design Indian Currency contest was in the view that Indian Economy is on a boom. Many foreign companies have been showing great interest in the Indian Markets. So why not have a symbol for our own currency might have been the thought of the Indian Finance Ministry.
The symbol represent the Indian Culture. Some kind of creative design that showed the Indian Culture. The current symbol is a combination of Devnagri and Roman English, I find it only in Devanagri, maybe that my creative eye is not functioning well today to make out the design distinctions, or maybe i am lacking the vision that got the design finalized. If its declared then I also accept that I do feel proud that my country is having a currency symbol.
We now have a distinguished Currency Symbol and an Identity of our own. It was indeed needed as Indian Rupee had been getting rapid recognition amongst the International Finance fraternity for the development and growth India had shown in the recent times. The new Symbol would help distinguish the currency from the rupee or rupiah of other countries like Pakistan, Nepal, Sri Lanka and Indonesia.
I m waiting to see the New Indian Currency notes that will be bearing this Symbol and how creatively the RBI designers craft it on our Currency Bills.
But for the moment its our right to feel proud for getting something new thanks to MR. D Uday Kumar.
