THE PRIZE

The Nobel Prize is considered the most prestigious prize in the world. It is awarded annually to people or institutions for outstanding contributions in a variety of fields for the good of humanity.
The prize is named after Alfred Nobel, who in his will directed that the interest from the funds be set aside and used to give
one annual prize in each of the five fields of Physics, Chemistry, Physiology or Medicine and Literature and the 'most effective work in the interest of international Peace'. The prizes were first presented in 1901. A sixth prize - the Nobel Memorial Prize in

Economic Sciences - was instituted in 1968, by the National Bank of Sweden, and was first awarded in 1969.
These six Nobel Prizes are awarded every year on December 10, the death anniversary of Alfred Nobel. Each recipient is presented a gold medal, a certificate bearing the awardees name and field of achievement, and a cash prize. The obverse side of each medal has a bust of Alfred Nobel. The reverse side of each of the medals, other than those for Physics and Chemistry, which have identical reverse sides, is different. The prize-giving ceremony is held in Stockholm, Sweden. The Peace Prize, however, is awarded in Oslo, Norway.
Different committees whose members are selected by the Swedish Academies and Institute and the Norwegian parliament choose the prizewinners.
The candidates are chosen from among the names recommended by eminent scholars, former Nobel Prize winners and distinguished scientists. The candidate does not apply for the prize directly. Sometimes two or three winners share the prize and sometimes no candidate is found suitable for a particular prize in that year.
In his will, Alfred Nobel had mentioned: "...It is my express wish that in awarding the prizes no consideration whatever shall be given to the nationality of the candidates, but that the most worthy shall receive the prize, whether he be a Scandinavian or not."
Tha amount of cash prize in 1901 was 150,782 Swedish Kronar which in the year 2007 was 10,000,000 Swedish Kronar. This about US$1,436,575/- as per the exchange rate in the year 2007.