(i) At the 13th annual conference of the Society held on January 10,1974 at the Indian Institute of Management, Ahmedabad, it was resolved to institute gold medals in memory of Professor P.C. Mahalanobis and rise donations to meet the expenses of the medals and fellowships to deserving young scientists.
(ii) A search Committee is appointed at least one year in advance (a) to invite nominations for the award of the medal, (b) to recommend to the Council the names of persons who in their judgement are fit to receive the Mahalanobis Memorial Medal (M3), and (c) to provide citation for the award in each individual case.
(iii) International Award: A gold medal in memory of the late Professor P.C.Mahalanobis will be awarded once in four years to a person anywhere in the world who is not above the age of 45 years at the time of the award and who has made outstanding contributions to quantitative economics.

(iv) National Award: A gold medal in memory of the late Professor P.C. Mahalanobis will be awarded once in two years to an Indian who is not above the age of 45 years at the time of the award and who has made outstanding contributions to quantitative economics, while working in India.

(v) The recipients of the International award include:
1. Professor Marc Nerlove, Northwestern University, U.S.A. (1975)
2. Professor T.N. Srinivas, Yale University, U.S.A. (1975)
3. Professor Peter Diamond, Yale University, U.S.A. (1980)

(vi) The national awardees of M3 include the following:
1. Professor Jagdish Bhagwati, Columbia University, U.S.A. (1974)
2. Professor Sukhamoy Chakravarthy, Delhi School of Economics, Delhi (1974)
3. Professor Amartya Sen, Harvard University, U.S.A. (1976)
4. Professor N.S. Iyengar, Indian Statistical Institute, Bangalore (1978)
5. Professor Pranab Bardhan, University of California at Berkely, U.S.A. (1980)
6. Professor V.K. Chetty, Indian Statistical Institute, New Delhi (1982)
7. Professor Nanak Kakwani, University of New South Wales, Australia (1984)
8. Professor Prasanta Pattanaik, University of Birmingham, U.K. (1986)

(vii) Recipient of Mahalanobis Memorial Award -2000:
1. National: Prof. Arunava Sen , ISI, New Delhi
2. International: Dr. Abhijit Banerjee of MIT and Dr. Alan Kreugner of Princeton

1. International – Dr Daron Acemoglu of MIT and Dr Steven D Levitt of University of Chicago
2. National  -  Dr Sugata Marjit

(ix) Award Winners in 2004

1. Dr Arup Mitra of Institute of Economic Growth, Delhi
2. Dr Bharat Ramaswami of ISI, Delhi

(x) Award Winners in 2006

1. Dr Rajat Acharya of Jadavpur University, Kolkatta
2. Dr G P Samanta of RBI, Mumbai

(XI) Award winners for 2008

      1.  Dr Shalabh, IIT Kanpur
      2.  Dr Abhiman Das, RBI

(XII) Award winners for 2010

     1) National Award:

     1) Dr Kausik Chaudhri, Madras School of Economics, Chennai
     2) Dr Vinish Kumar Kathuria, IIT-Bombay, Mumbai

      2) International Award:

      1) Dr Esther Duflo, Massachusetts Institute of Technology.
      2) Dr Raj Chetty, Harvard University     

(XIII) Award winners for 2012

     1) National Award:

     1. Dr Manipushpak Mitra, Indian Statistical Institute, Kolkatta
     2. Dr Uday Bhanu Sinha, Delhi School of Economics, Delhi

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