It is a British not-for-profit organisation that provides academic grants to Indian professionals in the arts, heritage conservation and humanities to study or conduct research in the United Kingdom. It was established in 1981, following an agreement between the British and Indian governments. It is named after the British businessman and entrepreneur Charles Wallace, who died in 1916 and bequeathed his estate to the British treasury and the treasury of British India. Apart from India, there are three other organisations with similar goals in Pakistan, Bangladesh and Burma.