The Indian rupee is all set to join world currencies that have a symbol for its currency. The creator of the design, D Udaya Kumar, is a post graduate from IIT.
Initially over 3,000 designs were shortlisted for the competition, which came down to five that were in the running for being chosen. He wins a cash prize of Rs. 2.5 lakhs from the Finance Ministry for his achievement.
The new sign for the Indian rupee was approved by the Union Cabinet, and the government will be incorporating it into the country’s workings over the next two years. The goal is to adopt it nationally within the next six months and on an international scale in 18-24 months.
The Rupee symbol will not appear in the printed currency or the coins used in India, but will be part of the Unicode Standard and in the major scripts used internationally so that it can be displayed and printed with ease. India’s rapid growth and presence in the world economic market had made it increasingly important for the currency of the country to have a symbol. Especially since other countries like Nepal, Sri Lanka and Pakistan also shared the word ‘rupee’ to denote their currency.
The new symbol was chosen because of its design capability to be part of existing software systems. The symbol will now be used on keyboards manufactured in India. Right now, as far as we know, there is no simple way to use the new Rupee sign while creating a document.
Uday Kumar says that he designed the symbol based on the Indian tri color, with the lines added on the top and bottom representing the Indian flag. The symbol is primarily based on the ‘ra’ of the Devanagari script, with an attempt to incorporate the Roman script also, for international appeal.
Udaya Kumar will be joining the dept. of Design at IIT Guwahati as Assistant Professor.