The Foundation also instituted awards such as the Raja-Lakshmi Literary Award (1987-1999) and "Recognise the Teacher" Award. Special awards have also been announced on a one-off basis. Presently the Awards being given are 'Raja-Lakshmi Award' and the 'Lakshmi-Raja Vaidika Puraskar'. '''Lakshmi-Raja Vaidika Puraskar''' was instituted in the year 1994 coinciding with the 60th birthday of Smt. Mahalakshmi Raja, founder trustee of the Foundation. The Award honours Vedic scholars, and consists of a Citation, a plaque and a cash prize of Rs.25,000/-.
These Awards are announced on August 15th (birthday of Late Smt. Mahalakshmi Raja) of every year and presented at a function on November 19th (birthday of Sri Ramaniah Raja) in the same year.
The Foundation has also instituted the '''Ratna Rao Memorial Prize''' which is awarded annually to the best student in M.Sc. Chemistry at the '''[[IIT Chennai|Indian Institute of Technology, Chennai]]'''.
The Foundation also has been holding annual lectures on the 13th of March every year in memory of Late Smt. Mahalakshmi Raja.
The 30th Annual Raja-Lakshmi Award has been announced on August 15 2008 for '''[[Koneru Humpy]]''' and '''[[Achanta Sharath Kamal]]''' for their exemplary achievements in the field of sports. This is the 1st Award announced in the field of Sports.
==Recipients of Raja-Lakshmi Award==
[[Image:Sri Sri Award.jpg|thumb|150px|Dr.Bezawada Gopala Reddy presenting the first Raja-Lakshmi Award to [[Sri Sri]] on 19.11.1979]]
[[Image:Mandolin Srinivas Award.jpg|thumb|225px|Smt.Mahalakshmi Raja presenting the 1985 Raja-Lakshmi Award to [[Mandolin Srinivas]]]]