RBI Re-examining the RUPEE Symbol
20 July 2013
Mumbai: In a startling revelation the RBI governor today said that the central bank was re-examining the rupee symbol. “The RBI has reasons to believe that the design is not proper and is causing a fall in the value of the rupee.”
Dr. D Subbarao was speaking at a press conference in Mumbai. “Since the day it has been introduced, the rupee is on the downslide.” He said. “There were many in the RBI who did not like the symbol years back when it was chosen. However they were over-ruled. Now there is a widespread view in RBI that the choice of the symbol is wrong. Indeed many think the rupee was much better without a symbol.”
But what is wrong with the symbol? Asked the Funnynomics correspondent.
“Design? What else? The prevalent view is that the symbol is wrongly designed. It is being talked that two horizontal bars have been responsible for damage.”
Horizontal bars? The Funnynomics correspondent could not believe her ears.
“Yes. We have studied globally important currencies and found that currencies with vertical parallel bars do good while those with the horizontal bars hardly do good. They at the most stay afloat. Take for example British Pound, the Euro or Japanese Yen - the currencies with horizontal bars – you will see that many years they have been kind of charmless against the dollar. Whereas look at the US Dollar, a currency whose symbol has vertical parallel bars, and see how it has moved ahead.”
The affable governor, who is famous for his animated speaking style, said four deputy governors of the RBI were locked in a vigorous debate since the day the rupee hit the 60 mark about the reassessment of the rupee symbol.
He said their unanimous view was that we had been too hasty to select the current symbol, and that otherwise there is no reason why the rupee should be tanking so drastically. “We agree that there are inherent problems in the economy like massive fiscal deficit, mounting CAD and a monumental load of subsidies on fertilisers, fuel and grains, but all these don’t justify the magnitude of the fall.”
So what is the central bank planning to do about it now?
“It is too early to say…the issue is way too serious. Obviously efforts are afoot to change the design. Raghuram (Rajan) and Montek (Singh Ahluwalia) are set to arrive in Mumbai tomorrow for further consultations. But we have already begun talks with several designers, and a team has already left for Italy. Another is camping in Tokyo to get hold of the best oriental designers.”
“However the most powerful team is about to take off during the next week – to the US. They will be heading straight to Cupertino, to meet the top brass of Apple Inc. We need nothing less than the very best in the world.”
“Of course, efforts are also on to seek the support of Mr. Ben Bernanke to find out who designed the US dollar symbol. Chances are that he is still alive and we get him to save the rupee from tanking.”
(Disclaimer: This news report is pure fiction, a produce of fertile imagination, and none of the people, organisations, NGO, politicians, office bearers, or government officials mentioned on this page have anything to do with this topic, subject or report. Entire fabrication is meant for simple fun.)
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