India to introduce new rupee symbol on
currency soon
Monday May 23, 2011 09:47:02 PM, IANS
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New Delhi: India will
soon introduce new rupee symbol and extra security features on its
bank notes in a bid to tackle the problem of fake currency,
Finance Minister Pranab Mukherjee said Monday.
"With a view to check this menace of fake currency, an exercise
for introduction of security features in all denominations of bank
notes is under way," Mukherjee said after releasing procurement
manual of Security Printing and Minting Corporation of India here.
Mukherjee said the present bank notes with the new rupee symbol
approved by the Unicode Standard Authority for ISO 4217 will be in
circulation shortly.
He also said that new coins with the rupee symbol and better
designs and shine will be released in July.
Last year, India adopted a unique symbol for its currency, which
is a blend of Devanagri 'Ra' and Roman 'R'. The Indian rupee will
be only the fifth currency to have a distinct identity, after the
US dollar, euro, British pound and Japanese yen.
Mukherjee said the corporation has taken steps to produce
indigenous raw material for the production of bank notes.
"This will lead to production of 80-85 percent of bank note paper
in the country in the next three years as against import of about
95 percent paper at present," he said.
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