It has a venerable culture. It has growing economic might. But what India doesn't have is a currency symbol that reflects those things, according to its government, which has launched a public competition to find one.
Unlike other major currencies such as the U.S. dollar, the British pound, the euro and the Japanese yen, the Indian rupee lacks an easily recognizable identification symbol -- a logo to set beside the $, the £, the € and the ¥. It is currently depicted around the world as either "Rs" or "INR" and is designated differently in various Indian languages.
In March, the Finance Ministry called for suggestions for a logo in a nationwide contest. It attracted about 3,000 entries before it closed April 15.
"The Indian economy is growing at a fast rate, and it will get more integrated with the global economy with the passage of time," Govind Mohan, a ministry official, said in an e-mail response to questions about the purpose of the contest. "The symbol would standardise the expression for Indian Rupee in different languages, within and outside the country. It will better distinguish the Indian currency from those countries whose currencies are also designated as Rupee or Rupiah, such as Pakistan, Sri Lanka and Indonesia."
A seven-member jury, including representatives from the government, the central bank and two fine arts colleges, is expected to meet soon to examine the submissions. Mohan said it should take a year to select the symbol. There have been no considerations yet about when it might be adopted or how much that will cost.
The winning entrant will receive $5,000 and five runners-up will each get $500.
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