INDIA’S NEW CURRENCY SYMBOL

INDIA’S NEW CURRENCY SYMBOL

EFFORTS BY:-

•RIYA

•SHIKHA KAUSHIK

•MONIKA CHHILLAR

•SACHIN WAILA

•SONU

•SACHIN

CURRENCY IS AN AMBASSADOR

The currency of a nation is its ambassador in India. The currency of a country is also a symbol of its status. Its value & exchange rate is a symbol of its strength & stability as a nation both political and economic. The symbol for the Indian rupee is yet another stepping stone to future greatness for the country. The symbol is an indication of arrival of brand India.

Why is a Symbol required?• 'The flag, the currency symbol, the

national bird, the national animal, the national anthem are what identifies us.

• We are branding ourselves all the time. We always try to improve our Brand.

• It is heartening that the country is now come of age as a strong player in the world economy and the symbol signals her arrival.

The “Rupee” Symbol

• The new symbol, which is a blend of the Devanigiri ‘Ra' and roman ‘R‘.

• Designed by Bombay IIT post-graduate Mr D. Udaya Kumar.

• The FM, Mr. Pranab Mukherjee said in a statement that India's currency will now have a distinct identity that will be internationally recognised at par with other international currencies like dollar, pound and yen.

BBC News:India seeks rupee status symbol

• “It has billionaires and big ambitions. Now India wants something that no global economic powerhouse should be without: an international symbol for its currency.”

• “The hope is that the rupee sign will become as ubiquitous as the US dollar ($), or that instant emblem of the digital age, the @ symbol.”

• The Rupee was

introduced as a silver coin for transactions by Emperor Sher Shah Suri- who built the Grand Trunk Road in the 16th century was only two decades ago largely unrecognised in global market.

The following were the shortlisted candidates:-

• Jitiesh Padmashali

• An advertising professional

• Shahrukh J. Irani

• A Designer Professional

• Shibn K.K

• A teacher in Kerala

• Nondita Correa-Mehrotra

• A lecturer in architectural design at MIT and daughter of well-known architect Charles Correa

D Udaya Kumar: The man who designed the rupee symbol

•Name: Dharmalingam Udaya Kumar•D.O.B: 10th October, 1978 in Chennai•Educational Qualifications:Studied architecture at Anna University, Chennai. Masters in architecture from IIT, Mumbai.Spent five years at the IIT Mumbai campus earning a PhD in industrial design

Job Profile: Has just started his new job as assistant professor in the department of design at the Indian Institute of Technology in Guwahati.

The symbol is derived from Devanagari "र" (Ra) and looks like the Roman "R" without the stem.The parallel lines at the top (with white space between them) make an allusion to the tricolor Indian flag and also depict an equality sign which symbolizes the nation's desire to reduce economic disparity.

Effect of the new SYMBOL on Indian ECONOMY

• In keeping with India's growing economic might and its status as major investment destination, the hitherto humble rupee is all set to get a distinct identity in the form of new symbol.

• Rupee has now ascended to the elite club and it now rubs shoulders with the major global currencies like the dollar, euro, pound and the yen.

• It has now become the 5th currency in the world to have an international symbol.

Effect of the new SYMBOL on Indian ECONOMY

• In keeping with India's growing economic might and its status as major investment destination, the hitherto humble rupee is all set to get a distinct identity in the form of new symbol.

•Rupee has now ascended to the elite club and it now rubs shoulders with the major global currencies like the dollar, euro, pound and the yen.

•It has now become the 5th currency in the world to have an international symbol.

“It’s a big statement on the Indian currency. It would distinguish the rupee from those countries whose currency are also designated as rupee or rupiah, such as Pakistan, Nepal, Sri Lanka and Indonesia,” I&B minister Ambika Soni said after the cabinet meeting.

The symbol she added ,would reflect the strength and robustness of Indian economy

Benefits of the Symbol

• Raises India’s economic profile.• Reflects and captures the Indian ethos and

culture.• Establishes a brand for India.• Indian rupee is nowhere as convertible• Unique , distinct and identifiable symbol.

Future Developments:On Keyboard• For being internationally recognised and easily printed on

electronic and print media, the new symbol has to be accepted by the international unicode consortium's unicode technical committee that is responsible for the development and maintenance of the Unicode Standard.

• In fact, the new symbol had been designed keeping in mind the ease with which it can be incorporated into the existing software systems.

• 'The symbol will be included in the 'unicode standard' for representation and processing of text, written in major scripts of the world to ensure that the Rupee symbol is easily displayed or printed in the electronic and print media as all the software companies provide support for this standard,' said the statement.

• As part of the strategy on incorporating the new rupee with the mainstream, the government said the national association of software companies, Nasscom, will approach IT firms to embed the symbol in their operative software, as a new programme or as an update.

Action Plan• "It will take at least 18 months for

encoding in Unicode the symbol for the Indian rupee that was approved by the Indian cabinet on Thursday. But it may be over two years before the rupee symbol starts showing on computers and mobile phones, analysts said.

• Many vendors are also undecided whether they will offer the new symbol on keyboards and keypads, or as additions in software to the character set supported by their devices.

• Nokia, for example, welcomed the move by the Indian government to have a symbol for the rupee.

PROS AND CONS OF THE NEW SYMBOL

PROS:• It would help Indian currency arrive on the

international platform.• It would reflect the Indian culture to the

world. It will show India's individuality lanka and other countries using rupee as their currency. When rupee joins in the elite panel of US Dollar,Euro, Pound and Japanese Yen it will lead to the economic growth.

Cons

• The new Indian Rupee Currency symbol is that it would be hard to

write the symbol down using natural keyboard as there is no Hindi

word .• It would take more time and

efforts to get this Rupee currency symbol to become usable on

computers

CONCLUSION: