Rupee to Join Global League of Currency, to Have Symbol Like $
Finance Minister Pranab Mukherjee has said that the Indian Rupee will join this fiscal the elite league of global currencies like US dollar, British Pound and Euro that have their unique symbol, reported NDTV.
“In the ensuing year, we intend to formalise a symbol for the Indian Rupee, which reflects and captures the Indian ethos and culture,” the minister was quoted as announcing in his Budget speech in Parliament on Friday.
“With this, Indian Rupee will join the select club of currencies such as the US Dollar, British Pound Sterling, Euro and Japanese Yen that have a clear distinguishing identity,” he was quoted as saying.
It may be mentioned that foreign currencies have their own unique symbols in addition to their abbreviations like USD, GBP etc, but Rupee is only referred to as Rs, a form which also exists in neighbouring countries like Pakistan, Nepal and Sri Lanka.
Government took the decision to have a symbol for Rupee last year and it was also decided that its designs would be invited from public, said report.
The shortlisted designers would present their designs to a seven-member jury, comprising of officials from the government and RBI as also people from institutes like J J Institute of Applied Art, National Institute of Design, Lalit Kala Akademi and Indira Gandhi National Centre, report said.