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The Indian rupee could soon get a unique symbol, with the finance ministry holding a public competition for a design, just like the US dollar ($), the euro (€), the Japanese yen (¥) or the pound sterling (£). While it was not immediately clear what prompted the government to search for a new symbol for the Indian currency, officials said one reason could be India's growing influence on global economy. "Unlike a host of global currencies, the Indian rupee does not have a unique symbol and Rs is the abbreviated form which it shares with currencies from Nepal, Pakistan, Sri Lanka and Seychelles," said an official. Other currencies such as the Swiss Franc (CHF) do not have a symbol of their own. Similarly, the US shared the dollar ($) symbol with a host of currencies ranging from the Canadian dollar, to that of Australia and Hong Kong, but many said that was due to the origin of the currency much before the United States came into existence. How some global currencies got their symbols was not recorded by the respective governments. The winning entry for the rupee symbol carries a prize of Rs 2.5 lakh but its designer would have to surrender the copyright to the government. The jury of examiners would consist of seven members drawn from art institutes such as Sir JJ Institute of Applied Art, National Institute of Design, Lalit Kala Akademi, Indira Gandhi National Centre for the Art & Culture and officials from the government and the Reserve Bank of India. In case of the rupee, the jury would look for symbols which represent the historical and cultural ethos of the country as widely accepted across the country, said a notice put out by the finance ministry on its website. Besides, the symbol should be such that it is applicable to a standard keyboard in the national language script or a visual representation. The rupee note has 15 Indian languages on it, apart from Hindi and English. The notice said that participants would be required to submit a brief explanation of the design and also justify how it symbolises the Indian rupee. The finance ministry, which has called for entries by April 15, would shortlist five designs. The five designers would have to make a presentation to the jury members, before a final decision is announced. But even if the design was not selected, the five shortlisted entries would be entitled to a prize of Rs 25,000 each. Source: Business Standard / Mumbai March 03, 2009
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