New Delhi: Today i.e. on July 16, 2010 (Friday), the Union Cabinet has selected IIT Bombay postgraduate D. Uday Kumar's design for the Indian Rupee. Now, the age old Indian Rupee will get a distinct identity in the form of a new symbol like the US Dollar ($), Euro or the Pound. Also, Kumar will receive an award of Rs 2.5 lakh for his design. D. Uday Kumar has just joined as a teacher at IIT Guwahati.
As per sources,a public competition was organized amongst resident Indian citizens, inviting entries for the symbol, which reflects and captures the Indian ethos and culture. Above 3000 entries were received, which were evaluated by a Jury headed by the Deputy Governor, RBI, which also included experts from three reputed art and design Institutes.
Also, while conducting the competition, the entries were presented to the Jury in such a way that identity of the competitors remains concealed to the Jury members. The Jury selected five final entries and also gave its evaluation of these five entries to the Government to take a final decision, out of which, the IIT grad's design was finalized, today.
In a press release, the Cabinet has said that the symbol will standardize the expression for Indian Rupee in different languages, both within and outside the country. It would better distinguish the Indian currency from those countries whose currencies are also designated as Rupee or Rupiah, such as Pakistan, Nepal, Sri Lanka and Indonesia.
