Holi (also called Holaka or Phagwa) is an annual festival celebrated on the day after the full moon in the Hindu month of Phalguna (early March). It celebrates spring, commemorates various events in Hindu mythology and is time of disregarding social norms and indulging in general merrymaking.
Holi is probably the least religious of Hindu holidays. During Holi, Hindus attend a public bonfire, spray friends and family with colored powders and water, and generally go a bit wild in the streets.
Originally, Holi was an agricultural festival celebrating the arrival of spring. This aspect still plays a significant part in the festival in the form of the colored powders: Holi is a time when man and nature alike throw off the gloom of winter and rejoice in the colors and liveliness of spring.
The legend commemorated by the festival of Holi involves an evil king named Hiranyakashipu. He forbade his son Prahlad from worshipping Vishnu, but Radhu continued to do offer prayers to the god. Getting angry with his son, Hiranyakashipu challenged Prahlad to sit on a pyre with his wicked aunt Holika who was believed to be immune to fire. Prahlad accepted the challenge and prayed to Vishnu to keep him safe. When the fire started, everyone watched in amazement as Holika was burnt to death, while Prahlad survived without a scar to show for it. The burning of Holika is celebrated as Holi