Difference between Lacs and Lakhs in Indian Accounting parlance
Hi,
This might be a silly question to ask but i have got conflicting answers from various sources, hence wanted to verify from the informed sources.
Is there any difference between Lacs and Lakhs? Most of the Indian sources as well as Wikipedia says both are same and amounts to 100000. Whereas i came across this site (http://www.ebearing.com/rupees- explained.htm) which mentions that some of the India based MNCs use 1 Lac = 10 Lakhs = 1 Million in order to be par with the global accounting standard.
I’m asking this because Indian companies’ annual reports interchangeably uses both Lakhs and Lacs for their financial figures.
Thanks in advance, SRD
