The Indian currency is called the Indian Rupee whereas the coins are called the paise.

On 5th March, 2009 the Indian Government announced a contest for a New Symbol for Indian Rupee with a prize of Rs 2.5 lakh for the winner and 25,000 for the top 5 shortlisted designs and Jury has shortlisted 5 designs.

Among those designs one has been selected by the Cabinet today (July 15th, 2010) which will be the Official Indian Rupee Symbol and was submitted by an IIT post-graduate D Udaya Kumar.

Till now the Indian Currency was simply denoted by Rs or INR. Kumar’s symbol was choosen after a huge public competition which was held among Indian citizens inviting entries for symbol which reflects and captures “Indian ethos and culture”.

The Union Cabinet gave approval on 17 July 2010 to the symbol which combines the Roman letter ‘R’ with the Devnagri ‘Ra’.

India is the 5th country who is having central currency symbol in world. There are many symbol use in international currency’s & having common users. $ used by USA, Australia & other contries as well.

Among currencies with distinctive identities, only the pound sterling has its symbol printed on the notes.

The New Symbol for Indian Rupee gives unique identification to Indian Rupee & differentiate from other Rupee users Indonesia, Pakistan, Bangladesh, Nepal & Bhutan. Government of India plan for within 1-2 year symbol will get spread over world.

Though the Rupee symbol will not be printed or embossed on currency notes or coins, it would be included in the ‘Unicode Standard’ and major scripts of the world to ensure that it is easily displayed and printed in the electronic and print media.

The Rupee has been designed by D Udaya Kumar, an IIT Bombay Post Graduate. Kumar will recive an amount of Rs 2.5 lakh as a prize money for his lots of efforts.

It is the answer to all the strong currency symbol in world available to know that the status of Indian currency symbol in international financial market. So now we can give the Indian Rupee a new face in International financial market.