home Politics Modi just keeps Rs 4,700 Cash; though his Assets are worth 1 crore

Modi just keeps Rs 4,700 Cash; though his Assets are worth 1 crore

PM Modi does not seem to keep much money in hand even as his total wealth have gone up to Rs 1.41 crore, primarily due to a residential property that has appreciated by more than 25 times since purchase over 13 years ago.

PMO office
PMO office

As per reports, the latest details of PM Narendra Modi’s assets, disclosed by Prime Minister’s Office, his total cash in hand money is just Rs 4,700 at the end of the last fiscal, down from Rs 38,700 disclosed mid-fiscal as on August 18, 2014. However, the total value of Modi’s movable and immovable assets during this period has grown from Rs 1,26,12,288 crore to Rs 1,41,14,893 crore as on March 31, 2015 reportedly.

Modi took on the office as Prime Minister on 26th May 26, 2014. As per the disclosure, Modi does not own any  ‘motor vehicles, aircraft, yachts, ships’. Moreover, while he still retains his bank accounts in Gujarat, Modi has no bank account in Delhi.

Furthermore, while Mr. Modi has no loans, his jewellery holdings include “four pieces of gold rings” weighing approximately 45 grams with a value of about Rs 1.19 lakh as on 31st March, 2015. As per sources, the price of these gold rings has come down slightly from Rs 1.21 lakh since last disclosure as on 18 August, 2014.

Narendra Modi taking charge of the PMO office
Narendra Modi taking charge of the PMO office

PM Modi’s investments include L&T Infra Bonds (Tax Saving) worth Rs 20,000, as also National Savings Certificates worth about Rs 5.45 lakh and life insurance policies worth Rs 1.99 lakh, taking the total amount of his movable assets to Rs 41.15 lakh. As per the PMO’s website, the latest disclosures are updated till 30 January, 2016.

The immovable assets include 1/4th part in a residential property at Gandhinagar and his share is 3,531.45 square feet with a built-up area of 169.81 square feet. Stating that this was not an “inherited property”, the disclosure mentions the date of purchase as 25th October, 2002.

Additionally, the total cost of purchase has been disclosed as Rs 1,30,488 while the “investment on the land by way of development construction, etc” has been shown as Rs 2,47,208.

The “approximate current market value” of the property has been revealed as Rs 1 crore.

Source : Economic Times