Bhoto Jatra is the vest (Bhoto) exhibition festival. During the Bhoto Jatra festival, the Photo or Vest, itself the subject of many legends, is displayed from the chariot to the King and the people of Nepal on a fixed day. Which also marks the end of the festival for a year. After that, the image of God is taken to Bungamati the permanent abode where the image kept in his temple for about six months. After six months the image of Matsyandranath is brought to his temple of Lalitpur. At Lalitpur, the image is kept at the Temple of Matsyandranath for six months.
During the period of King Narendra Dev of the Lichhavi dynasty, there was a severe long drought in Nepal. It was caused by the action of Gorakhanath who captured the nine Nagas, rain giving snake deities Gorakhanath was sitting over them in Mrigasthali Gorakhanath took an initiative because he thought this is to be the only one way he could obtain the darshan or to meet his spiritual teacher guru Matsyandranath who at that time in Kapotak hillock of city of Kamarupa. Kamarupa was the youngest Yaksha ruler and his wife is Maya or the Gyanadakini gave the jeweled Bhoto Vest to Karkotak Nagas of Kapotak Hillock of Kamarupa.
He gave it again to a Jaypua farmer optician who cured the eyesore of the wife of Karkotak Nagas. Once evil spirit stole away this jeweled vest. One day when the chariot of Matsyandranath is in Jawalakhel on the last date of the chariot dragging festival. The vile spirits, the farmer Jyapu, and the Karkotak Naga came face to face in Jawalakhel. They are visited there to see the Jatra. At that time trouble arose on the question of who should own the Bhoto “Vest”. As a compromise, it was decided to offer the vest as present to Lord Matsyandranath. It was also made a part of the festival to exhibit the jeweled Bhoto “vest” on the last day as requested by the serpent King Karkotak Naga of Kapotak the previous residential place of Lord Matsyandranath.
It is also said that they placed the jeweled “Vest” Bhoto inside the chariot without giving notice to anybody. At that time the priest of Lord Matsyandranath thinks that the jeweled vest Bhoto was left in the chariot unclaimed by anyone. So the exhibition of the jeweled vest Bhoto is performed to find out whether there is anyone in the mass who will claim the jeweled “Vest” Bhoto with full proofs.
During Bhoto Jatra His Majesty the King and Her Majesty the Queen with other members of Royal Family, Prime Minister and other ministers and high ranked officer and other thousands of people from all parts of the country visited Jawalakhel to see the vest Bhoto and to pay homage to Lord Matsyendra. But after dethroning of Royal Monarchy in Nepal, President of Nepal used to take place it.