Indian contest for rupee symbol

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The Indian finance ministry has begun a public competition to select a design for the symbol of the rupee, reports BBC.

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 contest, which closes on 15 April, is open only to Indian residents, a release on the ministry website says.

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.

To get an internationally-accepted symbol, the finance ministry has invited entries from the public.