Shree Panchami is celebrated on the fifth day of the waxing moon in the Nepali month of Magh every year. The Basanta season begins on this day, and the festival is also referred as Basanta Panchami.

On this very day, children are taught alphabets, and elders also begin their new lessons of art, music and in other creative fields.

According to folk belief, if a person swallows seven rice grains, that are offered to the Goddess, s/he will become wise and knowledgeable. So, students and children clamor for the rice grains strewn around the idol.

Since the day is believed to be auspicious, marriage ceremonies and other religious fuctions are being carried out throughout the country.