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Symbolization of Indian Rupee


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Symbolization of Indian Rupee

  1. 1. New Currency Symbol for Indian Rupee • Yash Jain • Rahul Yadav • Rohit Yadav
  2. 2. The Elite Currency Club
  3. 3. Official Members Dates back to Pound 1560SterlingUS Dollar Adopted in the US in 1785.Japanese Adopted in 1871 yen Adopted In 2010 Adopted in 1996 Euro Indian Rupee
  4. 4. • Derives currency of United States of America solidi, denarii – Official from black-letter L, from LSD – librae,• Official currency of Eurozone in the European Union• Derives from "thaler", pence of original duodecimal currencypounds, currency of Japan name given to coins first minted in Official shillings and the• Common currency to many countries.• Japanese decided to adopt1519 from silver in Bohemia.a silver dollar coinage, yen‘system• Officially adopted by European Commission on 12 December•Differentiates American currency from those of Canada,• Official currencyon MayUnited Kingdom and the Crown (round object) of the 10, 1871.[ 1996• Has symbolAustralia etc. since it`s inceptionDependencies.• Has symbol since it`s inception• Commonly Known as British is JPY (Japan Yen). The ISO = 100 Cents 1 Dollar 4217 currency code pound.• The ISO 4217 currency code is EUR (Europe).• 1 Poundthird inPence of most Traded currencies Dollar). Ranked = 100 terms The ISO 4217 currency code is USD (United States• Ranked after USD on the most traded currency list.• The most Traded currency in is GBP (Great Britain Pound). Fully convertible. Top ISO 4217 currency code Foreign Exchange market.• Fully convertible.• Fully convertible.
  5. 5. The Procedure
  6. 6. The Idea• Govt. of India(Finance Ministry) thought to give Indian currency, a, symbol.• The competition was kept open to public.• The norms were:  Represent the historical and cultural prominence of the country.  Be widely acceptable across the country.  Be applicable to standard keyboard.  Be in the Indian National Language Script or a visual representation.• Cash Prize to the Winner : 2.5k
  7. 7. The Response• Many Designs were submitted.• Jury had spend less than 20 seconds on each design entries, to analyze it.• Finally, It was Uday Kumar, A post-graduate from IIT Bombay.• The design was made official.
  8. 8. The Design
  9. 9. A mixture of both the Devanagari script and the Roman script
  10. 10. Also equalityisadesignedletter gives the symbol of of our IdentiThe unique part Shiro-Rekha,‘R’ the tricolor bands Indian nationa symbol symbol of in harmonious withRoman symbols. denotes part represents from the other Script.It denotes the letter ‘R’ from the Devanagari Scriptflag.
  11. 11. Easy to make
  12. 12. U+ 20A8Unicode for Indian currencysymbol (Rupee)U+0971Proposed by Indian ITDepartment within the Unicoderange of Devanagari script
  13. 13. Country Symbol Script DenominationIndia Devanagari 100 PaisaIndonesia Rp Indonesian 100 SenMauritius - Latin 100 CentsNepal - Devanagari 100 PaisaPakistan - Urdu 100 PaisaSeychelles - Latin 100 CentsSri Lanka - Sinhalese & 100 Cents Tamil
  14. 14. What NEXT ?National and Approval of Role of State Global design Govts acceptance Other Currency applications notes or coins
  15. 15. Other Applications
  16. 16. Contd.. . .
  17. 17. Challenges Ahead MAIT - Hardware Manufacturers Nasscom National Standard – ISCII ISO/IEC 10646Unicode Standard
  18. 18. Welcome Initiatives • “Once the Unicode consortium gives its nod and•”Microsoft vendors get notification of the same, we can include the new symbol in the next release.”•“ • “Once the standards are frozen, it will take us one HCL quarter to integrate the changes in the hardware.” • “The company would just take a month to get the new keyboards ready (either through a new key or TVS conversion of a functional key into a Rupee key).”
  19. 19. Benefits Showcases strength & robustness of Indian EconomyInternationalizaton of Distinct character Indian Rupee and identity Full capital account Distinguish from convertibility Rupiah
  20. 20. The Other Side (view of some economists)Merely a showcast. No international Still so much monetary club into poverty which you get membershipSymbols used for Any governmentother currencies as with the right to well issue coinage also has the right to Ex: $ ,£ ¥ define a symbol for that coinage
  21. 21. Overall OpinionIndia, for sure, is not amongst the strongest economies of theworld . But this decision is“ a small encouraging step in the direction of the ” long journey that we still have to cover.