One of the largest fair of Kumaon region, the Uttraini festival of Bageshwar, is organized in the month of January for a period of one week and is frequented by Almora traders, on barter or money lending intent, and by the Bhotiyas from the snows, as well as by a great multitude of people from the surrounding villages. The town of Bageshwar, 90 km from Almora town, is a junction of two rivers, namely Saryu and Gomti. At the junction of these rivers stands a large temple with it's conical tower. Here is the shrine of Bageshwar or Vyagreswar, the, "Tiger Lord", an epithet of Lord Siva. This temple was erected by the Kumaon king, Laxmi Chand, about 1450 A.D., but there is an interesting Sanskrit inscription there of a far earlier date. The chief articles of merchandise are : ponies, goats, sheep, furs, yak tails, musk pods, borax, salt horns, books, shoes, fruit dried and fresh. The Bhotiyas bring down excellent ponies, which breed in a wild or semi-wild state over the Tibetan border. Merchants from far off distances like Tibet and Nepal come to the fair for brisk trading.

This fair is held in a number of places including Bageshwar, Rameshwar, Suit Mahadev, Chitrashila (Ranibagh) and Hanseshwar etc. on Uttarayani day, but Bageshwar Uttarayani mela is much popular then others. This fair is also related with the history of Uttaranchal. At Pancheshwar the dola of Kumaon comes down to the temple.Its commercial, cultural and political importance is still very high. Goods like iron and copper pots, baskets, casks, bamboo articles, mats, mattresses, carpets, blankets, herbs and spices are sold during this fair. The fair attracts a large number of people, who spend the whole night dancing and singing Jhoras, Chancharis and Bairas.