Parasuram Jayanti is the birthday of Lord Parashurama. It is mainly observed on Akshaya Tritiya day but in Kerala and some other places it is also observed in Kerala month of Vrishchika masam (Margasira month). In 2011, Parasuram Jayanti date is December 14. The main purpose of the avatar of Lord Parashurama, the sixth incarnation of Vishnu, to make the earth free from the burden of cruel kshatriya kings by defeating the evilness of them as they neglected their regular duties as kings.
Parsu is a weapon like axe adopted by Lord Parasuram. Lord Parasuram was the sixth incarnation of Lord Vishnu. Parashuram was born in Satyu-Yuga and stayed alive till Mahabharata time (Dwapara Yuga). Some scriptures say that Lord Parashuram will stay alive until the Universe faces the Mahapralaya (deluge).