TaxTMI 
TaxTMI 
TaxTMI 
Historical event for Indian currency and economy:
It is said to be a historic event, that a five-member jury set up to finalize symbol for the rupee selected the design presented by IIT-ian D. Udaya Kumar.
Cabinet approved symbol:
The Union Cabinet approved the symbol on 15th July, 2010 (Thursday noon). The Indian rupee is now the fifth currency in the world to have a distinct identity. The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol.The Rupee will have a symbol as we find for the Dollar ($) or the Euro (€) or the Pound (£).
Why there is so much delay:
The author is intrigued as to why our cabinet took so long a period to think of designing and approving a symbol for rupee. The GOI could have approved or adopted one symbol much earlier so that it could have gained lot of recognition and familiarization by people around the world.
It is said in reports that the growing influence of the Indian economy in the global space is said to have prompted this move that will result in the Indian rupee joining the select club of global currencies like the US dollar, the British Pound, European Euro and Japanese Yen that have unique symbols.
However, so far a symbol for our currency is concerned, it could be designed and put in use long ago so that people around the world could have become aware of it.
The honored engineer as designer:
Engineer Uday Kumar, a post-graduate from IIT has made the symbol. His design was one from the five shortlisted designs which were submitted in the competition. All new notes will bear the design finally approved. The government had organized a symbol design competition with a prize money of Rs 2.5 lakh. Designers views:From websites it is found that speaking to rediff.com D Udaya Kumar said: 'My design is based on the Tricolour, with two lines at the top and white space in between. I wanted the symbol for the Rupee to represent the Indian flag. It is a perfect blend of Indian and Roman letters: a capital 'R', and Devanagari 'ra', which represent rupiya, to appeal to international and Indian audiences.' 'I worked on it for few months and made numerous designs. Finally, I shortlisted 8 to 10 designs and then refined them further till I got this one,' he said.
Views of information and broadcasting minister:The Information and Broadcasting Minister Ambika Soni said after the Cabinet meeting in Delhi that the symbol will be printed or embossed on currency notes and coins. She said that the government will try that the symbol is adopted within six months in the country and globally within 18 to 24 months. The symbol will feature on computer key boards and software so that it can be printed and displayed in electronic and print. Soni said it would also help in distinguishing the Indian currency from rupee or rupiah of countries like Pakistan, Nepal, Sri Lanka and Indonesia.
Same abbreviation in other countries: The abbreviation for the Indian Rupee, 'Re' or 'Rs' is used by India and its neighbours Pakistan, Nepal and Sri Lanka. In some other countries phonetically same almost similar expression is used as Rupiah.
Usages by banks:
For similar expressions used in other countries banks have to use expression 'Currency : INR' in bank statements and other documents.
When we have taken an exercise for specific recognition of our currency we can make a whole hearted effort. Therefore, author suggest that following expressions or abbreviations can be used for our currency:
Indian Rupees :'IRS'
Indian Rupee: 'IRe'
Some changes in the symbol can also be made to stress upon fact that it is Indian Rupee.
Key boards of computers:
The latest of key boards are not having any abbreviations/ symbol for Re. or Rs. And we have to type it normally. It is expected that within few months key boards may be designed to have symbol of Indian Rupee. The abbreviations Re. and Rs. Can also be incorporated in new key board.