  A simple model for magnetic inelastic dark matter (MiDM), which is a minimal
extension of the standard model with right-handed neutrinos ($N_R$), a singly
charged scalar ($S$) and a vector-like charged fermion ($E$), has been
presented. In this framework in which dark matter inelastically scatters off
nuclei through a magnetic dipole interaction by making a transition to a nearly
degenerate state with a mass splitting ($\delta$) of 100 keV. The model is
constrained from Direct detection experiments, DAMA and COGENT. In our analysis
we do not find any parameter space using the recent annual modulation data from
COGENT, where DAMA and COGENT are consistent with each other. The bound from
relic density provides a much stronger constraint. We find that this minimal
extension of SM incorporates a DM candidate which can explain the indirect
detection results while being consistent with relic density measurements. The
right handed neutrino and the charged particles responsible for the
right-handed neutrino magnetic moments could be produced at the Large Hadron
Collider.
