Prime Minister Narendra Modi does not seem to keep much cash in hand though his total assets have gone up.
The Prime Minister’s Office has released the details of the PM’s assets and said that his total assets have gone up to Rs 1.41 crore, largely due to a single residential property that he bought thirteen years ago.
The plot of land has appreciated by more than 25 times since it was bought in 2002.
Sahara Samay Property where PM Modi’s mother and brother live
The said residential property is in Gandhinagar, Gujarat, and he owns one- fourth part in it.
PM Modi’s share in this property is 3,531.45 square feet with a built-up area of 169.81 square feet.
The PMO also stated that it is not an “inherited property” and was rather purchased on October 25, 2002, for Rs 1,30,488 with an added “investment on the land by way of development construction, etc.” for an additional cost of Rs 2,47,208. The property’s value since then has appreciated over 25-times and thus the “approximate current market value” of the property has been disclosed as just over Rs 1 crore (Rs 1,41,14,893 crore as on March 31, 2015.)
Besides, PM Modi just had Rs 4,700 ‘cash in hand’ at the end of last fiscal year of 2015, which was down from that of 2014, when he had Rs 38,700 in hand on August 18, 2014.
Modi’s bank deposits include Rs 94,093 with SBI and Rs 30,347 with Rajkot Nagrik Sahkari Coop Bank Ltd. Besides, he had fixed deposits totalling Rs 30,72,017 with SBI.
PM Modi, who assumed his office on May 26, 2014, still does not own any ‘motor vehicles/aircraft/yachts/ships’ and only has bank account back home in Gujarat and none in Delhi.
He do not own any agricultural land, nor any commercial real estate property. He also doesn’t have any loans against his name, and holds “four pieces of gold rings” as jewellery holdings.
These rings weigh approximately 45 grams and had a total value of Rs 1.19 lakh as on March 31, 2015.
The value of the rings too have slightly come down since August 2014, when they were valued at Rs 1.21 lakh in his last disclosure.
The latest disclosures were updated till January 30, 2016, and it states that PM Modi has also invested in Tax Saving bonds like L&T Infra Bonds (Tax Saving) where he invested Rs 20,000; the National Savings Certificates, which is worth Rs 5.45 lakh approximately and few life insurance policies that are worth Rs 1.99 lakh in total.
All of the above in total takes his movable assets value to Rs 41.15 lakh.