Rupee gets a new symbol

India has finally got a symbol for the Rupee and joined a select club of countries whose currencies have an unique identity.

The Union Cabinet on Thursday approved the design, which includes both the Devnagiri 'Ra' and the Roman capital 'R' and has two parallel lines running at the top. The parallel lines symbolise the equal to sign.

"With this India will join an elite group of countries which have a distinct currency symbol. It denotes the robustness of Indian economy. I will now hold up the design that was finally selected. This was sent in by Udaya Kumar," said Minister for Information and Broadcasting Ambika Soni in New Delhi.

She said that the Rupee symbol was a nice blend of modernity and Indian culture.

The symbol selected has been designed by an Indian Institute of Technology postgraduate D Udaya Kumar and was selected from among five short listed symbols. Kumar, who is with the Department of Design at IIT Guwahati, explained thatthe design is based on the Indian Tricolour.

"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. It is a perfect blend of Indian and Roman letters: a capital 'R', and Devnagari 'Ra', which represent rupiya, to appeal to international and Indian audiences. After working onthe design for few months, I shortlisted eight to 10 designs and then refined them further till I got this one," said Kumar.

All new notes will now bear the symbol.

Source http://www.moneycontrol.com/news/current-affairs/rupee-getsnew-symbol_470128.html