Sri Laxmi Panchami is celebrated on the Panchami tithi of Shukla Paksha in Chaitra month, honoring Goddess Laxmi who symbolizes wealth and success. Devotees fast and perform special rituals, including chanting mantras and offering food to Brahmanas, to seek blessings that can eliminate poverty and bring prosperity. The observance involves specific puja vidhi and is particularly significant for business people who conduct elaborate ceremonies to secure financial success.