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The Indian finance ministry has begun a public competition to select a design for the symbol of the rupee. 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 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. Each entry has to be accompanied by a fee of 500 rupees ($10) and a participant can send a maximum of two entries. The rules also say that the “symbol should be applicable to the standard [computer] keyboard”. Officials say the winning entry will be chosen by a seven-member jury of experts drawn from various art institutes, the government and India’s central bank, the Reserve Bank of India.

Five shortlisted entries for the final selection will be awarded a prize of 25,000 rupees ($500) and the winner will take 250,000 rupees ($5,000). ”The final selected symbol will become the property of the government and the designer will have no rights over it any more,” Mr Rawat said.

Will keep a look out for results of this and post as they come up.

Find out more here.