The Theravada School of Buddhism was formally established at the Third Buddhist Council during the time of Emperor Asoka in the 3rd Century B.C. In the later period, the Mahayanists took a firm stand and the terms of Mahayana and Hinayana were introduced after the 1st Century A.D. However, during the 2nd Century A.D. Mahayana became clearly defined. There is hardly any difference between Theravada and Mahayana schools of Buddhism with regard to the...