Prime Minister Narendra Modi does not seem to keep much cash in hand even as his total assets have gone up to Rs 1.41 crore — largely due to a residential property that has appreciated by more than 25 times since purchase over 13 years ago.
According to the latest details of his assets disclosed by the Prime Minister’s Office, Modi had total ‘cash in hand’ of 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 to Rs 1,41,14,893 as on March 31, 2015.
Modi assumed office as Prime Minister on May 26, 2014. As per the disclosure, Modi does not own any ‘motor vehicles/aircraft/yachts/ships’, while he still retains his bank accounts in Gujarat. He has no bank account in Delhi.
While he 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 March 31, 2015. The value of these rings has come down slightly from Rs 1.21 lakh since last disclosure as on August 18, 2014.
The latest disclosures are updated till January 30, 2016, as per the PMO website. 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 value of his movable assets to Rs 41.15 lakh.
The immovable assets include one-fourth part in a residential property in 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 October 25, 2002. The 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 disclosed as Rs 1 crore. This puts the total appreciation at over 25-times over the cost of the property and the investment made thereon in over 13 years since the purchase.