After months of scrutiny and scanning over 3,000 entries, the government today approved the symbol of the Indian currency which will differentiate it from currencies used in countries such as Pakistan, Nepal, Sri Lanka and Mauritius.
Udaya Kumar’s entry was selected from among five shortlisted entries. But the IIT graduate, who is on his way from Powai to IIT Guwahati, is not going to get a copyright though he is going to get an award of Rs 2.5 lakh for his contribution. The rights will be with the government.
The selection was based on the decision of a jury headed by Reserve Bank of India Deputy Governor Usha Thorat.
While the new symbol will replace the Rs or Re that is used at present, it will not be used on currency notes and coins. And, it could take up to 24 months before the shift to the new symbol takes place as the government will use the time for its incorporation in the Unicode Standard and International standard ISO. It will also be included in the Indian Standards through Indian Script Code for Information Interchange (ISCII) through an amendment to the existing list by the Bureau of Indian Standards (BIS). The ISCII specifies various codes for Indian languages for processing on computers along with keyboard layouts.
Once the symbol is notified by BIS, software association Nasscom will approach IT companies for incorporating it in their operative software to enable the computer users worldwide to use the symbol even if it is not embedded on the keyboards. This will be on the lines of Euro symbol, which is not embedded on the keyboards used in India. Manufacturers’ Association for Information Technology will direct its members to make the changes in the production processes.
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Information and Broadcasting Minister Ambika Soni, who briefed the media after the Union cabinet approved the symbol in the morning, said encoding the symbol in Indian Standards is estimated to take around six months. In addition, there will be encoding in the Unicode and International Standards which will take 18 months to two years.
| WHAT: The govt approves a symbol for the rupee WHY: To recognise the increasing economic linkages between India and the world WHO: Designed by D Udaya Kumar HOW: Symbol to be included in Unicode Standard, Indian standards To be introduced in computer software and on keyboards WHEN: Encoding in Indian standards to take 6 months Introduction in Unicode to take 24 months |
“The symbol is not given on foreign currencies like dollar or pound. The Reserve Bank of India (RBI) will also not use the symbol on notes and coins,” an official in the finance ministry told Business Standard.
Soni said the symbol for the rupee would further highlight the strength and robustness of the Indian economy as a favoured destination for global investments. She added state governments would be impressed upon to encourage the use of the new rupee symbol and proactively promote its use.
“The symbol reflects and captures Indian ethos and culture. It will standardise the expression of Indian rupee in different languages. It will distinguish the Indian currency from those countries whose currencies are also designated as rupee or rupiah, such as Pakistan, Nepal, Sri Lanka and Indonesia,” Soni said.