Example of a responsible ministry
The Indian Ministry of Finance has announced a public competition to select a design for the new symbol of the rupee. Currently, rupee has no globally recognised symbol like the Dollar, Pound, Yen, or the Euro. The word “rupee” originated from the word ‘rup’ or ‘rupa’ which means ‘silver’. The rupee is generally abbreviated to Rs or INR (Indian National Rupee). To encourage participants, Government has also promised a prize money of Rs 25,000 to the five shortlisted participants and whopping Rs 2,50,000 for the winner.
One should not forgot that changing the currency symbol can be a costly exercise for the government. For example, when Euro was introduced after the replacement of guilder in 1999, it cost Europe’s biggest companies more than $50 billion to update their computer systems. Europe had to replace 70 billion coins which was an expensive proposition. Turkey too changed its currency.
The Indian Ministry of Finance has announced a public competition to select a design for the new symbol of the rupee. Currently, rupee has no globally recognised symbol like the Dollar, Pound, Yen, or the Euro. The word “rupee” originated from the word ‘rup’ or ‘rupa’ which means ‘silver’. The rupee is generally abbreviated to Rs or INR (Indian National Rupee). To encourage participants, Government has also promised a prize money of Rs 25,000 to the five shortlisted participants and whopping Rs 2,50,000 for the winner.
One should not forgot that changing the currency symbol can be a costly exercise for the government. For example, when Euro was introduced after the replacement of guilder in 1999, it cost Europe’s biggest companies more than $50 billion to update their computer systems. Europe had to replace 70 billion coins which was an expensive proposition. Turkey too changed its currency.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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