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Portfolio-based learning and assessment. Assessment using portfolios has recently gained wider acceptance, and is being considered relevant to several educational aspects in medicine, including formative and summative assessment during resident training, revalidation and continuing professional development. In this article, we provide an overview of the use of portfolio as an assessment and learning tool. We have discussed the rationale of using portfolio in medical education, its advantages and criticisms, and some of the associated challenges and dilemmas.