It is picturesquely situated on a little hill in the valley near the Indus River and the village of Saspol . The name Likir means "The Naga - Encircled", representing the bodies of the two great serpent spirits, the Naga-rajas, Nanda and Taksako. It presumably, originally belonged to the early Kadampa order of Tibetan Buddhism. The monastery currently has approximately 120 Buddhist monks and a school, The Central Institute of Buddhist Studies runs it and teaches in three languages, Hindi, Sanskrit and English. It also serves as the venue of an annual event Dosmochey, the assembly of votive offerings and sacred dances which takes place on the 27th day to 29th day of the 12th month of the Tibetan calendar.