Established by the President of India on 26 January 1950 (with effect from 15 August 1947). The statutes were amended 12 January 1952 to readjust the order of wearing as new decorations were established.
The medal is 1-3/8 inch circular silver medal. A five pointed star, with the chakra in the center, and, on this, the domed gilded state emblem. The decoration is named on the rim and suspended from a swiveling straight-bar suspender. The decoration is almost always named and dated on the edge. Around a plain center, two legends separated by lotus flowers; above Vir Chakra in Hindi and in English. The ribbon is 32 mm, half dark blue and half orange-saffron. Dark blue 16 mm, saffron 16 mm.
The award carries with it a cash allowance and, in some cases, a lump sum cash award. This has been a rather controversial issue throughout the life of the decoration. From 1 February 1999, the central government set a monthly stipend of Rs. 850 for recipients of the award. In addition, many states have established individual pension rewards for the recipients of the decoration.