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The 5th day after Diwali is known as "Gyan Panchami". It is the fifth day of the fortnight of the waxing moon in Kartik. Gyan Panchami, also known as "Laabh paacham" or "Jnan Panchami", is a Jain festival.

Gyan Panchami is celebrated as a day of honoring knowledge and the holy books. In Jainism, this day is a time for students and scholars to celebrate Jnana, the divine or transcendent knowledge or wisdom. It is a day of worship of pure knowledge.

Gyan Panchami is the festival celebrated by Jains to recognise the importance of their scriptures. The books preserved in the religious libraries are cleansed and worshipped . Rituals involving books and writing instruments are performed. Prayers are said for guidance to acquire right knowledge.

The temples are lit up. On this day in temples, all the holy books and scriptures are laid out on a table. People perform pooja on the scriptures, and also on blank papers and unsharpened pencils. Many temple distribute these blank papers and pencils.

Many Jains fast on this day. They do devavandan (offering veneration to the Gods). Holy recitation and meditation (Pratikraman) are carried out. On this day, many take a vow to do a fast every month on the fifth day of the fortnight of the waxing moon for continuous five years and five months.

This day is also celebrated as "Jaya Panchami", "Pandava Panchami" and "Birth day of Sri Guru Gobind Singh".

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