Balipratipada is observed after Diwali and is dedicated to King Bali. Balipratipada 2016 date is October 31 and is observed mainly in Karnataka and
Maharashtra. Popular belief is that King Bali who was pushed to underworld by Lord Vishnu during his Vamana Avatar gets and an opportunity to rule the world for a day and it is the Balipratipada day.
Balipratipada is observed on the first day of the Kartik month. The festival is also popularly known as Bali Padyami.
On Balipratipada day, people remember King Bali and pray for the return of prosperity that existed during his rule. Exchanging gifts on this day is a major highlight.
You can find the story associated with Balipratipada and more details about the festival in this earlier article.