After four years, construction of the monastery was completed. The sacred items and relics brought out from Tsurphu Monastery, the Karmapa's seat in Tibet, were installed. On Losar in 1966, the 16th Karmapa officially inaugurated the new seat, called "The Dharmachakra Centre, a place of erudition and spiritual accomplishment, the seat of the glorious Karmapa."

The monastery is currently the largest in Sikkim. It is home to the community of monks and where they perform the rituals and practices of the Karma Kagyu lineage. A golden stupa contains the relics of the 16th Karmapa. Opposite that building is a college, Karma Shri Nalanda Institute for Higher Buddhist Studies.

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