PM Modi has Rs 4,700 cash in hand, no bank account in Delhi

Delhi: Indian Prime Minister Narendra Modi possesses a meagre Rs 4,700 as cash in hand, while the worth of his assets has gone up to Rs 1.41 crore, largely on account of the valuation of a residential property which has
pm modi has rs 4 700 cash in hand no bank account...
India TV News Desk February 02, 2016 12:26 IST

Delhi: Indian Prime Minister Narendra Modi possesses a meagre Rs 4,700 as cash in hand, while the worth of his assets has gone up to Rs 1.41 crore, largely on account of the valuation of a residential property which has appreciated more than 25 times since its purchase over 13 years ago.

According to the details of Modi's assets disclosed by the Prime Minister's Office (PMO), the Prime MInister 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 PM Modi still retains his bank accounts in Gujarat, he is yet to have a Delhi-based bank account. 

While he has no loans, his jewellery holdings include "four pieces of gold rings" weighing pproximately 45 grams with a value of about Rs 1.19 lakh as on March 31, 2015.

Read Also: PM Modi's smart cities need investment of over $150 billion: Study

The value of these rings has come down slightly from Rs 1.21 lakh since last disclosure as on August 18, 2014.

According to the website of the PMO, the latest disclosures are updated till January 30, 2016.

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.

(With PTI inputs)

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