The Indian Rupee Symbol was part of a nationwide competition. The selected final design was done by D. Udaya Kumar while he was a doctoral student at IDC, IIT Bombay.
He can be contacted at d.udaya[at]gmail.com
You can write to the following address regarding suggestions and clarifications:
Industrial Design Centre
Mumbai 4000 076
Phone: 091-22-2159 6805/ 091-22-2576 7802