Place value refers to the value of a digit depending on its position in a number. The place value increases by a factor of 10 as you move from right to left in a number.
To calculate the place value of a digit, multiply the digit by the value associated with its position. For example, in the number 12345, the place value of 3 is 3 x 100 = 300.
The Indian system uses lakhs and crores for large numbers, whereas the International system uses millions and billions. The place value of a digit can differ based on the number system you are using.