Akshaya Tritiya, or Akha Teej, is an auspicious day which falls on the third day after Amavasi (no moon) in the Hindu month of Vaishakha. According to Hindu astrology and almanac, each second on Akshaya Tritiya is auspicious. It is said there is no need to look for a muhurat on the day. The word Akshaya means ‘that which never diminishes’, and the day is ideal for beginning new ventures as it is believed that all investments on this day are bound to appreciate. Akshaya Tritiya and Parashuram Jayanti are both being observed on Monday. 

In a traditional Hindu lunar calendar, Akshay Tritiya is observed on the third day of Shukla Paksha (waxing phase of moon) in Vaishakh Month. 
It is one of the most popular dates in Hindu calendar for marriages, for beginning new ventures, for investing and for purchasing valuables like gold and diamond. 

There are numerous legends associated with Akshaya Tritiya, the most popular being that of Sudama visiting Lord Krishna in Dwarka with a handful of beaten rice (poha). Another legend is that the Pandavas received the Akshaya Pathram (bowl) from Lord Krishna (in the Mahabharat) on this day. The food came in abundance, when they were in the forest. It is also believed that Sage Ved Vyas began the composition of Mahabharata on the day. 

But nowadays, it is associated with gold purchase and many people wait for the day to make investments in gold. 

According to manager (accounts/gold sale), State Bank of India (SBI), main branch in Chandigarh, RR Nuri: “There is huge rush for gold coins of different denominations. The coins, which are 24 carat, are imported from Switzerland and South Africa. SBI is the first bank to sell gold coins. The price depends on day-to-day rates.” 

The astrologer Avnish Pandey said: “The reason for this day to be auspicious is the position of sun and moon on this particular day. Every year, Akshaya Tritiya falls between April 14 and May 14. During the period, sun will be in Aries, which is in exalted position and moon in Taurus, also an exalted position.” 

“It is said that on this day, the Treta Yug had its beginning and the great sage Parasuram, the sixth incarnation of Maha Vishnu, was born,” he added. 

Avnish said: “On this day, temple of Shri Badrinath opens every year. Also, Shri Bihariji Temple in Vrindavan opens for darshan just for this date. People observe fast and donate pitcher filled with water, slippers, cow, land, vessels made of gold etc. Watermelon and pitcher are put before Lord Shiva and married women pray to Mother Parvati on this day. In Rajasthan, besides this ritual, lakhs of child marriages are conducted, despite ban imposed by DM and SDM of those areas.” 

President of Brahmin Sabha at Parasuram Bhawan Ram Prakash said: “The festival began on April 16 and will end on April 27. On Monday, it will begin with havan at 8 am, followed by bhajans and narration of legends related to Parashuram. It will culminate at 1.30 pm, after a bhandara. All married women and unmarried girls take part in the pujas.” 

“During Akshay Tritiya, people of Bihar and West Bengal celebrate Halkhata, which is a celebration of starting the new audit book and to start new accounts. They worship Lord Ganesha and perform Goddess Lakshmi Puja. People from UP, Bihar and Bengal take a holy dip in river Ganga on this auspicious day,” said VN Singh, nodal officer of Le Corbusier Museum.