A digit is one of the symbols 0 to 9. Its place tells us its position in a number. Count from the right: ones, tens, hundreds, thousands, ten-thousands, then lakhs in the Indian system. Each place is worth ten times the place to its right.
In 5,47,892, the digit 4 is in the ten-thousands place. Its face value is 4, but its place value is 4 × 10,000 = 40,000. A place name and a place value are different answers: 'ten-thousands' names the position, while '40,000' gives the value.
Indian grouping separates the last three digits, then groups in twos: 5,47,892 is five lakh forty-seven thousand eight hundred and ninety-two. International grouping uses groups of three: 547,892 is five hundred and forty-seven thousand eight hundred and ninety-two. The commas and number names change, but the number does not. One lakh is 1,00,000; one million is 10,00,000; one crore is 1,00,00,000.