This kind of a prayer cloth is used in rituals to propitiate goddess Lakshmi who is worshipped each year in a variety of festivals, the most important being the festival of Diwali held in late autumn. On pristine while field is written the invocation of the goddess Lakshmi interspersed with the auspicious kumbha. The pot is filled with grain topped by leaves and a coconut. This pot signifies abundance. The border consists of some auspicious symbols again like the foot imprints of the goddess, the conch shell, and the wish granting sprig.
the ends of the vertical border is the iconographic image of Lakshmi repeated in five circles each side. She is shown seated cross-legged on a lotus being lustrated by two elephants. The lotus is always associated with Lakshmi as it refers to life, growth and auspiciousness. This border also says 'praise be to Lakshmi' in Devnagari script as Jai Lakshmi.
This description by Renu Rana