Update: The symbol for the Indian Rupee has been officially included in the latest release of the Unicode Standard (ver 6.0.0)
Got this via a tweet from @unnikoroth.
This presentation by D Udaya Kumar, the man who designed the new symbol for the Indian Rupee, gives us a deeper insight into the idea behind the icon.
Udaya Kumar also visualised a symbol for the paise and it is a little different from my photoshopped version. Also noteworthy are the examples of the use of the symbol in daily life.