Addressing press conference here, Minister for Information and Broadcasting Ambika Soni said: "The symbol, designed by an Indian Institute of Technology (IIT) postgraduate D Udaya Kumar, was selected from among five shortlisted symbols before the Cabinet."
"It would soon be incorporated in all spheres of the economy," she added.
"It might take 18 months to two years for the international community to incorporate the new symbol of the rupee," she said.
In the budget this year, Finance Minister Pranab Mukherjee had said in the ensuing year, we intend to formalise a symbol for the Indian rupee, which reflects and captures the Indian ethos and culture.
"With this, the rupee will join the select club of currencies, such as the US dollar, British pound sterling, euro and Japanese yen that have a clear distinguishing identity, he added. (ANI)