Dr Venganoor Balakrishnan

Nowadays, business groups cleverly promote Akshayathritheeya as a day on which one should buy gold. But this is not the sole significance of the day. Akshayathritheeya, which falls on the “thritheeya” day of the bright lunar fortnight of the month of Vaishakha (celebrated this year on May 6)

is an auspicious day on many counts.
Akshaya means something that never gets destroyed and it is believed that Kritha Yuga started on this day.
The homa, japa (chanting), prayer, theerthasnaana (taking bath in the holy river), donations and rites observed on this day yield never-ending grace.
In Bhavishyothara Purana, it has been pointed out that fasting on this day and offering rice to Lord Vishnu will cure one of all the sins one has committed till that day. Puranas say that pujas performed on the day of Akshayathritheeya purged Baanasura, a mythical character, of all his sins and empowered him to resist the attacks of Devas.
In Bhavishyothara Purana, we find the following sloka that hails the significance of this day.
“Snanam daanam thapo homa:
Swadhyaya: pithru tharppanam
Yadasyam kriyathe Kinchit
sarvam syaththadihaksyam
Aadow krithayugasyeyam
yugadisthena kathyate
Asyam thithow kshaya
mupaithi hritham na daththam
thenakshya cha muhibhi:
Kaithaksha athritheeya”
(The grace of performing homas, chanting of mantras, observance of penance, bathing in holy river, charity, rice for pleasing ancestors yield results that never get lost, especially on Akshayathritheeya, which is the beginning of Kritha Yuga.)

The day of Akshayathritheeya is connected with Lord Parasurama’s story also. It is said to be his birthday. Hence, Parasurama puja is performed on this day. In temples where this deity is enshrined, holy bath and other observances are performed.
Since it is the first day of the yuga, all rituals are highly effective. On this day, to ensure contentment to the departed souls, certain objects like baskets, umbrella, beaten paddy, cucumber, watermelon, jaggery etc. are donated to holy men.
The day is the favourite of the Devas as well. A devotee is supposed to perform homa with barley and submit it to Lord Vishnu.
It is believed that the first yaaga in the human history was also conducted on this very day and devotees think that Sun shines more brightly on this day.
Brahmanandapuranam recommends worshipping Lord Shiva, his abode Kailasa, Goddess Ganga, Bhageeratha and taking a holy bath in the river Ganga on this day.
There is a belief that anything purchased on this day keeps adding up and what is sold keeps selling on. It is the most auspicious day to buy gold and dress materials, the symbols of gracefulness. Gold coins on which the images of the Lord Vishnu and Goddess Lakshmi are imposed are also purchased on this day.
Akshayathritheeya is considered to be the day when Goddess Madhura Meenakshi and Lord Sundaresa got married. Hence, couples who get married on this day are blessed with gracefulness and bright prospects.
The effects of holy acts committed on this day are believed to last throughout the year. Draupadi got the Akshayapathra (the ever full vessel) on this day. Sage Sankaracharya brought down a shower of gold gooseberries on this day.
Thus, the day of Akshayathritheeya is observed all over India on several grounds, but at the core of it is the belief that truth is never destroyed.

— Dr Venganoor Balakrishnan is the author of Thaliyola, a book on Hindu beliefs and rituals.
He has also written books on the Vedas and Upanishads. The author can be reached at drvenganoor@yahoo.co.in