The Indian rupee is likely to get its own unique symbol on Thursday, with the Union Cabinet set to approve the final design. The government has already shortlisted five entries after a pan-India open contest which was advertised by the finance ministry in February 2009. The winning design will become the property of the government of India and the winner will have to surrender the design copyright to in lieu of Rs 2.5 lakh.
The government decided to have a unique symbol for the Indian rupee as its abbreviated form (Rs) is also represented by the currencies of Pakistan, Nepal, Bangladesh and Sri Lanka. the finance minister Pranab Mukherjee had made this announcement in his budget speech. “In the ensuing year, we intend to formalise a symbol for the Indian rupee, which reflects and captures the Indian ethos and culture,” Mukherjee had said.
It would be beneficial for Indian currency as Counterfeit notes being smuggled in Indian market with so perfection that even a banker could make a mistake. These notes are so perfect that they even pass the ultraviolet test and a discerning banker in a hurry wouldn’t spot the difference.