Out of 3,000 designs that were competing for the symbol, Kumar’s drawing had been chosen by the Union Cabinet meeting held on July 15, 2010, chaired by Manmohan Singh, Indian Prime Minister. He would get a prize money of Rs.2,50,000 from the Finance Ministry.
The new symbol is an amalgam of the Devnagiri ‘Ra’ and Roman capital ‘R’ without the stem.
The government will try to adopt the new symbol within six months in the country and globally within the next two years.
The new Rupee symbol will be included in the “Unicode Standard” for representation and processing of text, written in major scripts of the world to ensure that the Rupee symbol is easily displayed/printed in the electronic and print media as all the software companies provide support for this Standard.
Encoding in the Unicode Standard will also ensure encoding in the International standard ISO/IEC 10646 as both the organizations work closely with each other.
The encoding of the rupee symbol in the Indian Standards is estimated to take about six months while encoding in the Unicode and ISO/IEC 10646 will take about 18 months to two years. It will be incorporated in software packages and keyboards in use in India.
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