The legendary Maharishi Kapil and the Kapilayatan lake find mention in the Puranas and Kapil Muni is believed to have descended from Lord Brahma. Aarti is performed twice daily and bhog is offered. On the day of Kartik Poornima, the day of the Kapil Muni Fair, Deep Malika is performed in the evening. People float lighted lamps in the sacred lake as a part of the rituals and this creates a beautiful sight. Songs extolling the virtues of Kapil Muni are sung ardently by the devotees.
People belonging to different castes and communities gather at the fair.
They come to take a holy dip, pay homage at the shrines and also for trading in cattle and a host of other merchandise. A cattle fair is held in conjunction with the Kapil Muni Fair. Buffaloes, camels, horses and cattle are sold. Certificates and prizes are given away to the best breeders at the fair. There is a direct railway route from Bikaner to Kolayat.