Definition 1 of 1
One Hundred Thousand rupees. Comes from the Pali or Prakrit "lakkha" which may have had a gambling significance, but which came to mean one hundred thousand. In English usage, you can add an 's' to pluralize it, but sometimes that is not necessary.
Raj is getting paid 10 lakhs a year.
The going price for that kind of work is 5 lakh rupees, so that fellow is ripping you off.
Added 2011-07-13 by Annaguru