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| Rupa or Rupee, any takers? | | |
NEW DELHI, Apr 4
The proposal for a common currency to be commissioned with the help of the World Trade Organisation by 2010 in South Asia is yet to be endorsed, but the eight-nation grouping SAARC is serious about it. So what if it is called 'Rupee' or 'Rupa'? Many feel 'Rupa' could be 'Euro' in South Asia with its four-letter appeal. But the only problem is that Sri Lanka is no Belgium and India no Great Britain! But what is in a name after all?
A whole lot, it seems. Talk to experts participating in 14th SAARC summit in New Delhi, and they will tell you name matters. The suggested name 'Rupa' for the single currency is enchanting for some. But many feel it is avoidable. Some prefer the familiar 'Rupiyah' or 'Rupee' as the name for the common currency in the sub-continent. But is not it tongue-twisting? Why not something trendy and stylish like 'Euro' or the more acceptable 'Dollar'?
What about 'Yaari' like 'Yen' to suggest the camaraderie between SAARC countries? Or what about 'Mudra' meaning currency in any case? There are different choices; many preferences. But all this is even before a consensus reached.
Member nations are keen on having a single South Asian currency, but needless to say mandatory formalities for its implementation are overwhelming. The euro is the currency of 13 European Union countries stretching from the Mediterranean to the Arctic Circle.
Similarly, ‘Rupa’ would be true in the case of Nepal, Sri Lanka, Bangladesh, Pakistan, Maldives, Bhutan, Afghanistan and India. ‘Rupa’ like Euro could be a symbol of common identity, shared values and the success of South Asian integration, believes Sri Lanka.
Sri Lankan President Mahinda Rajapakse says SAARC must adopt a single currency for achieving its political and economic goals. He says adopting a single currency will enhance the productivity of the region, improve trade without barriers and dissolve differences in language, culture, religion and income levels. But would Sri Lanka call the currency ‘Rupa’ “We will decide when the time comes’’, Rajapakse told reporters. There are different views on the name. ABN Amro Bank India Head Ramesh Sobti, says: “Why not Rupee itself? It is the dominant currency’’.
‘Rupee or Rupa’, a large single market with a single currency means investors can do business in the region with minimum disruption and can also take advantage of a more stable economic environment. New Delhi is keen that if a single currency by whatever name comes into circulation it will help stabilise the South Asian economy. Says Prime Minister Dr Manmohan Singh: “If Saarc countries provide legitimate avenues of free commercial interaction the dreams of a single market can be fulfilled.’’
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