Today, 27 July 2012 is Varalakshmi Vratham (Varmahalakshmi Puja). It is widely observed in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, Orissa, and many other parts of North India. In Kerala, Varalakshmi Vratham is observed on next Friday i.e. 3 August 2012.
Varalakshmi is an aspect or form of Goddess Lakshmi. Varalakshmi Vrat Katha or the story or legend associated with it is mentioned in Bhavishya Purana as a conversation between Sage Sootha and his disciples. As per the legend, Lord Shiva told the importance of Varalakshmi Vrata to Goddess Parvati.