Akshaya Tritiya is a widely celebrated Hindu festival in India. In South India, this auspicious festival is celebrated with great faith.
On Akshaya Tritiya day, the Sun and the Moon are most radiant and best placed, and since every moment on this day is considered as auspicious. It falls on the third day (Tritiya) of the bright half moon of the Vaisakha month of Hindu Calendar which happens in April-May. This year (2008) this auspicious day comes on 7th of May, as per the Calendar (Mathrubhumi).
Akshaya means one that never diminishes, and the day is believed to bring good luck and success on whatever you initiate. It has been in practice of buying valuables, especially long term assets like gold, silver etc on this day, hoping to bring good luck and prosperity.
According to Puranas, this day marks the beginning of Treta Yug. It is also the Birthday of Sage Parasurama, the sixth incarnation of Lord Vishnu. Parshurama is considered to be the personification of valour and devotion.
Another story goes like this. It is on Akshaya Tritiya day the Pandavas of Hindu epic Mahabharata, received a bow called 'Akshaya Pathram' from Lord Krishna during their exile life. This bowl was meant to provide unlimited food to them, and it is said to have given infinite food. Due to this, people believe that anything agreed on this day will be completed.
Another belief is that it is on Akshaya Tritiya day, Veda Vyasa, along with Lord Ganesha, began to write the great Hindu epic Mahabharata.
On this sacred day, people bathe in holy rivers, conduct special pujas, make pledges, and visit temples. Goddess Lakshmi and Lord Vishnu are worshiped on this day.
It is also believed that doing good deeds on this day, such as giving pledges generously, forgiving and forgetting the past to renew relationships, leaving bad habits and starting good habits etc will be rewarded abundantly.