Basant Panchmi is one of the Hindu festival which denotes the commencement of spring season. This festival is celebrated on the 5th day in the month of Magh which is mid of January and February.
Basant Panchmi is also a festival which is dedicated to Goddess Saraswati, who is the Goddess of knowledge, art and music. Goddess Saraswati is worshiped on Basant Panchmi hence also called as Shri Panchmi or Saraswati Panchmi.
This year this festival will be celebrated on 24th of January 2015. During this time as the winter season is ending and spring is about to begin all the fields of mustard bloom yellow and we can see the best of the best flowers in this season. People wear yellow colour clothes on this day. The custom of kite flying is also associated with Basant Panchmi. As flying kites on this day signifies freedom and enjoyment.
Basant Panchmi is the day when Goddess Laxmi was born. It is said that Lord Brahma created the whole universe but after creating the universe he was unhappy with his creation as it has no sound, no music. So Lord Brahma went to Lord Vishnu and told Lord Vishnu about his sadness then Lord Vishnu suggested him that Goddess Saraswati can help him and he should evoke her and Lord Brahma Lord evoked Saraswati. When she emerged, on the request of Lord Brahma she created Veena and when she played the Veena the first sound came was Sa which is the starting of 7 musical note. So that's how Goddess Saraswati gave sound to this universe.
May Lord Saraswati bless you with knowledge and wisdom. Wishing you all a very Happy Basant Panchmi.