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Indian contest for rupee symbol | Indian contest for rupee symbol |
(about 2 hours later) | |
The Indian finance ministry has begun a public competition to select a design for the symbol of the rupee. | The Indian finance ministry has begun a public competition to select a design for the symbol of the rupee. |
Unlike the major currencies of the world like the dollar, the pound, the yen and the euro, the rupee does not have a globally recognised symbol. | Unlike the major currencies of the world like the dollar, the pound, the yen and the euro, the rupee does not have a globally recognised symbol. |
The new symbol would be the "identity of the Indian currency," a finance ministry official told the BBC. | The new symbol would be the "identity of the Indian currency," a finance ministry official told the BBC. |
The contest, which closes on 15 April, is open only to resident Indians, a release on the ministry website says. | |
'Ethos of India' | 'Ethos of India' |
The rupee is generally shortened to Rs or sometimes the currency is described as INR (Indian rupee). | The rupee is generally shortened to Rs or sometimes the currency is described as INR (Indian rupee). |
But, the government says, these are not symbols, they are mere abbreviations for rupee. | But, the government says, these are not symbols, they are mere abbreviations for rupee. |
To get an internationally-accepted symbol, the finance ministry has invited entries from the public. | To get an internationally-accepted symbol, the finance ministry has invited entries from the public. |
"The symbol should represent the historical and cultural ethos of India," the deputy secretary in the finance ministry's coin and currency department, BS Rawat, told the BBC. | "The symbol should represent the historical and cultural ethos of India," the deputy secretary in the finance ministry's coin and currency department, BS Rawat, told the BBC. |
"The entries can be in any of the Indian languages. They can even be in English which is also an accepted language of use by the government," Mr Rawat said. | "The entries can be in any of the Indian languages. They can even be in English which is also an accepted language of use by the government," Mr Rawat said. |
Each entry has to be accompanied by a fee of 500 rupees ($10) and a participant can send a maximum of two entries. | Each entry has to be accompanied by a fee of 500 rupees ($10) and a participant can send a maximum of two entries. |
The rules also say that the "symbol should be applicable to the standard [computer] keyboard". | The rules also say that the "symbol should be applicable to the standard [computer] keyboard". |
Officials say the winning entry will be chosen by a seven-member jury of experts drawn from various art institutes, the government and India's central bank, the Reserve Bank of India. | Officials say the winning entry will be chosen by a seven-member jury of experts drawn from various art institutes, the government and India's central bank, the Reserve Bank of India. |
Five shortlisted entries for the final selection will be awarded a prize of 25,000 rupees ($500) and the winner will take 250,000 rupees ($5,000). | Five shortlisted entries for the final selection will be awarded a prize of 25,000 rupees ($500) and the winner will take 250,000 rupees ($5,000). |
"The final selected symbol will become the property of the government and the designer will have no rights over it any more," Mr Rawat said. | "The final selected symbol will become the property of the government and the designer will have no rights over it any more," Mr Rawat said. |
Experts say implementing a new currency symbol can be an expensive exercise. | Experts say implementing a new currency symbol can be an expensive exercise. |
According to one estimate, when the euro was introduced in 1999 it cost Europe's biggest companies more than $50bn to update their computer systems to deal with the changeover. | According to one estimate, when the euro was introduced in 1999 it cost Europe's biggest companies more than $50bn to update their computer systems to deal with the changeover. |
"We have not thought about the costs yet," Mr Rawat said. "First, we'll select a symbol and then we'll do the costing," he added. | "We have not thought about the costs yet," Mr Rawat said. "First, we'll select a symbol and then we'll do the costing," he added. |
The contest closes on 15 April at 1300 local time (0730G). | The contest closes on 15 April at 1300 local time (0730G). |
Detailed guidelines on how to prepare the entries have been put up on the finance ministry's website. | Detailed guidelines on how to prepare the entries have been put up on the finance ministry's website. |
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