The Cabinet is expected to clear a design on Thursday. It will be the Hindi letter Ra with two lines.
So far, five designs have been shortlisted from a competition and all new notes will bear the design finally approved.
The decision to have a symbol for Rupee was taken by the government last year.
"In the ensuing year, we intend to formalise a symbol for the Indian rupee, which reflects and captures the Indian ethos andculture," Finance Minister Pranab Mukherjee announced in his Budget speech in Parliament.
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