People of Kathmandu Valley are observing Ghantakarna or Gathe-Mungal today. Although the tradition is gradually vanishing, some children in each neighborhood are collecting donations from the passer by to make an effigy of the demon god. After erecting them in whole day, the effigy will be taken to the river and burnt representing the victory of locals over the demon god.

It is a Newari festival celebrating the defeat of the mythical demon Ghanta-karna ("bell-ears") or "Gatha-Mungal" in local Newari language. The festival is celebrated every year on Shrawan Krishna Chaturdashi.

According to the myth, the demon wore bell earrings in order to drown out the name of the god Shiva with their jingling. Attributed to him are acts of robbery, murder, and kidnapping of children. Experts hold the view that the festival is probably a relic of ancient demonolatry in the Kathmandu valley.

On the day of Ghantakarna, individuals additionally wear metal rings called gathemangal ko aunthi. This Ring is accepted to have the ability to defend individuals from all ills and shrewdness spirits.

Before sunset, local people pound three legged nails onto the entryway lintels to drive off the phantoms. There are different legends and myths joined to the Ghanta Karna fiend that is venerated and also dreaded. This day denotes the start of the one-month long Lakhe Naach.