INDIAN AWARDS & HONOURS 1952: Peace-time GALLANTRY AWARDS: Instituted. Ashok Chakra Award – An Indian military decoration awarded for valour, courageous action or self-sacrifice away from the battlefield. It is the peacetime equivalent of the Param Vir Chakra. Kirti Chakra – Second in order of precedence of peacetime gallantry awards. Shaurya Chakra – Third in order of precedence of peacetime gallantry awards.