Indian PM Modi’s wealth grew 23% in 2015-16, driven by book royalty, bank deposits

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August 24, 2016

NEW DELHI – Prime Minister Narendra Modi’s wealth grew by a little over Rs 32 lakh in 2015-16, driven by bank investments and royalty earned from book sales.

August 24, 2016

NEW DELHI – Prime Minister Narendra Modi’s wealth grew by a little over Rs 32 lakh in 2015-16, driven by bank investments and royalty earned from book sales.

Between April 2015 and March 2016, Modi received Rs 12.35 lakh in royalty from the sale of his books, and his fixed deposits grew by Rs 20 lakh, according to the annual statement of his assets and liabilities disclosed as part of a voluntary exercise to maintain transparency in the top echelons of the government.

His latest statement, dated March 31, 2016, shows a 22.8% jump in his wealth over the previous financial year. The Prime Minister draws a monthly salary of Rs 1.6 lakh.

2016

2015

Cash in hand

89,700

4,700

Bank balance

2,09,296

1,24,440

Bank deposits

51,27,428

30,72,017

Tax saving bonds

20,000

20,000

NSC

3,28,106

5,44,775

LIC

1,99,031

1,99,031

Loan

0

0

Motor vehicles

0

0

Jewellery

1,27,645

1,18,890

Royalty on books

12,35,790

0

Other

0

31,040

Movable property

73,36,996

41,14,893

Immovable property

1,00,00,000

1,00,00,000

Total value of assets

1,73,36,996

1,41,14,893

     

All figures in Rs

The declaration also shows that term deposits in banks remained his favourite tool of investment. While many of his cabinet colleagues invested in private banks’ mutual funds, the PM added Rs 20.35 lakh to a fixed deposit in State Bank of India’s Gandhinagar branch this year, taking the total deposit to Rs 51.27 lakh.

He steered clear of the share market, and has Larsen and Toubro’s infrastructure bonds worth Rs 20,000, which also helped him save tax.

Modi has authored 15 books in Gujarati and English on a wide range of subjects — from yoga to philosophy to education. He also has a book of poems to his name. But this was the first time since he became PM that he earned royalty on those books.

The PM has 1/4th share in a house at Sector 1 of Gandhinagar in Gujarat. The property, valued at Rs 1 crore, has shown no increase value in the last three years, since Modi rose to power in 2014. He did not make any investment in property this year, and neither did his cabinet colleagues.

In all, Modi has more cash in hand and in his bank account this year, and the value of his four gold rings also increased marginally.


Courtesy: HT

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