Daily News Magazine from India & around the world.

The Indian rupee has joined the exclusive club of four global currencies, by getting its own symbol on Thursday. However, this is unlikely to change the way one deals with the currency or the way one refers to it in speech, though it would bring in a change in the way it is put in writing.

However, the high point of the move will come only when the Indian rupee becomes a global currency through which import and export transactions can be clinched. Only the US dollar, Great Britain pound (GBP), European euro and Japanese yen have their own symbols.

M. D. Mallya, chairman and managing director of Bank of Baroda (BoB) said, “ It would enable banks to quote currency in the form of a symbol in the international markets (particularly in the foreign exchange market). Besides it could gain recognition globally in due course, reflecting the growing stature of India among global economies.” Whether to include the new symbol in the new currency notes series to be released for public consumption from now on, is a million- dollar question. There is talk in the market that its inclusion in the notes format is unlikely to be made mandatory.

Responding to a query, the Reserve Bank of India (RBI) spokesperson said, “ The apex bank is examining various aspects and implications of the new symbol for rupee.” However, many of the central banks like that in the US and the UK have decided against making it mandatory to mention the symbol in the currency notes. But it may not be difficult for RBI to incorporate the symbol in currency notes, if the Centre were to decide so.

RBI has a set procedure for approval of design for different currency notes issued by it, including an approval by a Committee on Financial History. But a communiqué to the effect from ‘ the Centre may be required for incorporating the new symbol that has a combination of Hindi and Roman scripts. RBI may have to use this symbol liberally in volumes of literature and analysis it produces annually.

“ The immediate implication could be change in software and hardware codes in computers to accommodate the new symbol,” said K. Unnikrishnan, deputy chief executive officer (CEO) of Indian Banks’ Association (IBA).