The jury has given its verdict and the Indian rupee will have its own symbol, a mix of the Devanagri 'Ra' and Roman 'R', to become the fifth currency in the world to have a distinct identity.
It will thereby retain its Indian character with an international flavor.
The five-member panel on Thursday approved the new symbol, designed by IIT post-graduate D Uday Kumar.
The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol.
The symbol will be printed or embossed on currency notes or coins, Information and Broadcasting Minister, Ambika Soni told reporters after the Cabinet meeting.
Kumar's entry was chosen from among 3,000 designs competing for the currency symbol.
He will get an award of Rs 2.5 lakhs.
She said 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 keyboards and softwares so that it can be printed and displayed in electronic and print, she said.
Soni said it would also help in distinguishing the India currency from rupee or rupiah of countries like Pakistan, Nepal, Sri Lanka and Indonesia.
