The Vayalar Award is given for the best literary work in Malayalam. The award was instituted in 1977 by the Vayalar Ramavarma Memorial Trust in memory of the poet and lyricist Vayalar Ramavarma (1928-1975). A sum of Rs.25,000/-, a silver plate and certificate constitutes the award originally. Now it is raised to a sum of 1,00,000/-. It is presented each year on October 27, the death anniversary of Vayalar.
References
Vayalar Award Wikipedia(Text) CC BY-SA