The Thakuri Dynastey

After Aramudi, many Thakuri kings ruled over the country up to the middle of the 12th century A.D Raghv Dev is said to have founded a ruling dynasty in October, 869 A.D., when the Lichchhavi rule came to an end. To commemorate this important event, Raghv Dev started the 'Nepal Era' which began form 20th October, 869 A.D. After Amshuverma, the Thakuris had lost power and they could regain it only in 869 A.D. The importance of this for the Thakuris must have been even greater because during Amshuverma's time they were only regents, but they became all powerful as the sovereign in 896 A.D. So, this historical event- replacing the Lichchhavis by the Thakuri rulers signified the start of a new era as 'Nepal Era'.
However, historians are of different opinions about the origin of the Nepal era. Some writers are of the opinion that Nepalese were superstitious. They dropped the unlucky number 8 of the Saka Era 801 and thus, they retained number 1 as the new Nepali Era. Some writers suggest that a new era was started in 869 A.D. to mark the occasion of Nepal becoming independent of Tibet. But our history does not agree with this view as Nepal was never under the Tibetan rule. There are also some other writers who say that there was a merchant called Sakhwal in Kathmandu during the reign of Ananda Malla. By his cunning tricks he changed the sand into gold and paid off all the debts of the people of Kathmandu. He then introduced a new era called 'Nepal Sambat' to commemorate this important event. But the reign of Ananda Malla comes three hundred years later, so this view also cannot be accepted.
All these opinions, except that about Raghav Dev, lack historical as well as logical proof. So, it can be concluded that the Nepal Era was started in 869 A.D., during the reign of Raghav Dev to commemorate the occasion of the Thakuri dynasty coming into power and the end of the Lichchhavi dynasty.