Thursday, July 15, 2010
In March 2009, the finance ministry of India announced a competition inviting creative designs from Indian residents to represent a symbol for the rupee with guidelines stating that the symbol should represent the historical and cultural ethos of the country. Prize money of Rs 2.5 lakh was also announced.
Whopping 25,000 applications were received from across the country, out of which 5 designs were short-listed for the final reviews. Indian Institute of Technology(IIT) post-graduate Uday kumar's entry has been selected out of five shortlisted designs as the new symbol for the Indian Rupee. All new notes will bear the design finally approved.
The fast-paced growth of the Indian economy in the global space is said to have prompted the government this move that has resulted in the Indian rupee joining the elite club of global currencies like the U.S. dollar, the European Euro the Great Britain Pound, and Japanese Yen that have unique symbols for decades.