Here is one intresting post.. which i read from some one’s blog…
Here are the medals which are awarded to the the bravest of the brave of the Idian Miltary
Param Vir Chakra
Param Vir Chakra and its ribbon, the highest military decoration of India
Awarded by IndiaType:- Medal
Eligibility :-Military personnel only
Awarded for :- “… most conspicuous bravery or some daring or pre-eminent act of valour or self sacrifice, in the presence of the enemy, whether on land, at sea, or in the air.” 
Status :- Currently awarded
Established :-26 January, 1950First awarded :-3 November, 1947
Total awarded :-21
Posthumous awards :- 14
Distinct recipients :- 21
The Param Vir Chakra (PVC) is India
’s highest military decoration
awarded for the highest degree of valour or self-sacrifice in the presence of the enemy.
Param Vir means “Bravest of the Brave” in Hindi
. (Param = Highest; V?r = Brave (warrior); Chakra = wheel/medal).
The PVC was established on 26 January 1950 (the date of India becoming a republic), by the President of India
, with effect from 15 August 1947 (the date of Indian independence). It can be awarded to officers or enlisted personnel from all branches of the Indian military. It is the second highest award of the government of India
after Bharat Ratna
(amendment in the statute on 26 January 1980 resulted in this order of wearing).
Provision was made for the award of a bar for second (or subsequent) awards of the Param Vir Chakra. To date, there have been no such awards. Award of the decoration carries with it the right to use P.V.C. as a postnominal abbreviation.
The Ashoka Chakra is the peace time equivalent of the Param Vir Chakra, and is awarded for the “most conspicuous bravery or some daring or pre-eminent valour or self-sacrifice” other than in the face of the enemy. The decoration may be awarded either to military or civilian personnel and may be awarded posthumously Ashoka Chakra Award
The award also carries a cash allowance for those under the rank of lieutenant (or the appropriate service equivalent) and, in some cases, a cash award. On the death of the recipient, the pension
is transferred to the widow until her death or remarriage. The paltry amount of the pension has been a rather controversial issue throughout the life of the decoration. By March 1999, the stipend stood at Rs. 1500 per month. In addition, many states have established individual pension rewards that far exceeds the central government’s stipend for the recipients of the decoration.
Subedar Major Bana Singh
of the Eighth Jammu and Kashmir Light Infantry
was the only serving personnel of the Indian defence establishment with a Param Vir Chakra till the Kargil
Maha Vir Chakra….
Type :-MedalEligibility :-Military personnel only
Awarded for:-“… acts of gallantry in the presence of the enemy on land, at sea or in the air.” 
Status :-Currently awarded
Established :-26 January, 1950
The Maha Vir Chakra (MVC) is the second highest military decoration
and is awarded for acts of conspicuous gallantry in the presence of the enemy, whether on land, at sea or in the air. It may be awarded posthumously
. Literally Maha Veera Chakra means extraordinarily bravery award.
Award InformationType :- Peace Time Gallantry
Category :- National Bravery
Awarded by :- Govt. of India
Previous Name(s) :-Ashoka Chakra, Class II
The Kirti Chakra is an Indian
awarded for valour, courageous action or self-sacrifice away from the field of battle. It may be awarded to civilians as well as military personnel, including posthumous awards. It is the peacetime equivalent of the Maha Vir Chakra
. It is second in order of precedence of peacetime gallantry awards; it comes after Ashoka Chakra
and before Shaurya Chakra
. Before 1967, the award was known as the Ashoka Chakra, Class II
Type :- War Time GallantryCategory :- National Bravery
Instituted :- 1952
First Awarded :-1947
Awarded by :- Government of India
Description :-The third highest military decoration in India.
Half dark blue, half orange
Vir Chakra is an Indian
gallantry award presented for acts of bravery in the battlefield
. Award of the decoration carried with it the right to use Vr.C. as a postnominal abbreviation (note the care to distinguish this abbreviation from that for the Victoria Cross
(V.C.). It is third in precedence in the war time gallantry awards and comes after