PM MODI’S NET WORTH INCREASES THAN LAST YEAR; AMIT SHAH’S WEALTH REDUCES; PMO

The latest asset declarations submitted to the Prime Minister’s Office (PMO) revealed that PM Narendra Modi’s net worth increased in comparison to last year, while Home Minister Amit Shah’s fortunes took a hit.

PM Modi’s net worth as of June 30 this year was Rs 2.85 crore, up nearly Rs 36 lakh compared to Rs 2.49 crore last year, according to his latest asset declaration. His assets have primarily increased due to bank deposits of around Rs 3.3 lakh and returns on safe investments worth Rs 33 lakh during the last one year.

By the end of June 2020, PM Modi had only Rs 31,450 as cash in hand and a bank balance of Rs 3, 38,173 with SBI Gandhinagar NSC branch. He also had Bank FDR and MOD balance of Rs 1, 60, 28,939 at the same branch.

PM Modi also has National Savings Certificates (NSC) worth Rs 8, 43,124, life insurance policies worth Rs 1, 50,957 and tax-saving Infra bonds worth Rs 20,000. The moveable assets declared are a little over Rs 1.75 crore.

The prime minister has taken no loans and has no personal vehicle against his name. He possesses four gold rings, weighing approximately 45 grams and is valued at Rs 1.5 lakh.

PM Modi declarations also revealed that he jointly owns a plot in Sector-1 in Gandhinagar, measuring 3,531 square feet. At the end of the declaration, PM Modi state that the Gandhinagar property is held with three other joint owners, each having an equal share of 25 per cent.

It may be noted that the property mentioned in the declaration was bought on October 25, 2002, barely two months before he took charge as the chief minister of Gujarat. At the time, the cost of the property was a little over Rs 1.3 lakh.

The market worth of the prime minister’s share of property or immovable assets works out to be Rs 1.10 crore as of today.

Amit Shah’s fortunes take a hit

On the other hand, the net worth of Home Minister Amit Shah, who belongs to a rich Gujarati family, has dipped.

The volatility in the share market and poor market sentiment has taken a toll on the equity held by Shah.

As of June 2020, Shah has declared his net worth as Rs 28.63 crore, compared to Rs 32.3 crore declared last year.

Shah owns 10 immovable properties and all of them are in Gujarat. Properties owned by him and shared inheritance from his mother are worth Rs 13.56 crore, according to the PMO declarations.

Amit Shah has Rs 15,814 as cash in hand, Rs 1.04 crore in bank balance and insurance, pension policies worth Rs 13.47 lakh, Rs 2.79 lakh in fixed deposit schemes and jewellery worth Rs 44.47 lakh.

Shah’s net worth has dipped this year due to the fall in the market value of the quoted securities held by him.

He has declared Rs 12.10 crore worth inherited securities and Rs 1.4 crore owned securities. Their total value of Rs 13.5 crore as of March 31 this year is lower than the Rs 17.9 crore declared last year.

It may be noted that Shah has liabilities worth Rs 15.77 lakh. Like Shah, the net worth of his spouse, Sonal Amit Shah, fell marginally from Rs 9 crore last year to Rs 8.53 crore.

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