Essay on “Standardization of Indian Rupee” Complete Essay for Class 10, Class 12 and Graduation and other classes.

Standardization of Indian Rupee

July 15, 2010 is a historic day in the economic life of the county. On this day we have adopted a new symbol of Indian currency, it is just after five  centuries when emperor Shershah suri first issued the rupiah. The new symbol blends the Devnagri “Ra” with roman “R” and signifies India’s emergence as a growing economic power. It is a moment of national pride and global recognition. After the Tricolour, it is another  significant t symbol of Indian oneness. Hitherto denoted by “Rs”
 or  INR, the Indian currency has got a new face that “reflects and captures Indian ethos and culture”. Since the currencies of countries like Pakistan, Nepal, Indonesia, Mauritius and Sri Lanka are also designated as the rupee or the rupiah, the new symbol will make India a part of an elite global club. India’s if the fifth currency to have this distinctive mark after the US dollar, euro, pound and yen that currently have their own symbols.

The sign of the currency has been designed by the  32-year- old Chennai –born Dharmalingam Udaya Kumar, who was set to take over as an Assistant Professor at the IIT, Guwahti. The new rupee sign will require software  and telecom firms to grant it entry in all future computer keyboards and mobile phones.

Among currencies with distinctive identities, only the pound sterling has its symbol printed on the notes. Unicode is an international  standard that allows text data to be interchanged  global without conflict. After incorporation in the global and Indian codes ,the symbol would be used by all individuals and entities within and outside   the country.

The process will take a span of six months in the country, and within 18 to 24 months globally. It will feature on computer keyboards and software for worldwide use. They symbol, which reflects the Indian ethos and culture, would help distinguish the currency form the rupees or rupiah of other countries like Pakistan Nepal, Sri Lanka and Indonesia. In addition to this, state governments would be asked to proactively promote the use of the new  symbol.

The government decision to have a new symbol for Indian currency is a symbolic presentation of its new found self confidence in its own ability to transform the economy – not only domestic but global. Indian acquire some positive feedback even during big recession which make the nation’s confidence high. It is also clear from the global appeal to the Indian prime minister to cater help in solving global financial crisis during G-20 meet London.