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According to Vishnu Purana, fasting on Vaikunta Ekadashi is equivalent to fasting on the remaining 23 Ekadashis of the (Hindu) year. However according to Vaishnava tradition fasting is mandatory on all Ekadashi of both Shukla paksha and Krishna paksha. Fasting on Ekadashi is considered holier than any other religious observation.
Lord opened the gate of Vaikuntam (his abode) for two demons in spite of they being against the Lord. They also asked for the boon that who ever listens to their story and see the image of Lord coming out of the door (called Dwar) called Vaikunth Dwar they reach Vaikunth as well! Temples all over the India makes a door kind of structure on this day for devotees to pass through that.
According to Padma Purana, the female energy of Lord Vishnu slayed demon Muran and protects `Devas'. Impressed by the act, Lord Vishnu names her as `Ekadashi' and gives her the boon that those who worship `Ekadashi' on the day of her victory over Muran would reach `Vaikunth' (His abode).
Vaikunta Ekadasi is one the important and auspicious days to the Hindus. It is dedicated to Lord Vishnu. It occurs in the Hindu calendar, in the month of Margazi (Between December and January). Also called the 'Mukkoti Ekadasi', when observed, it bestows liberation from the cycle of birth and death.