The UK's Victoria Cross is handed out even more rarely than the US's Medal of Honor. It also seems that the VC is awarded posthumously more often than not. The Conspicuous Gallantry Cross is not to be taken lightly, dare say any less than the VC or MoH, a certain Corporal Dipprasad Pun will be revered much the same.
There was a study done on how certain gallantry medals of particular countries involved in WII were awarded. The study encompassed the nature of the actions (offensive/defensive), the wounds suffered by the recipient, and the "probable" benefits of the actions made by the recipient. The Soviets were the most lax, and the British were the most strict. All across the board, each country seemed to "lower" their standards or minimize the scrutiny of how the awards were administered.
oh, and

to Corporal Dipprasad Pun