PM richer, Amit Shah poorer in net worth assessment filed with PMO

Prime Minister Narendra Modi’s net worth increased in comparison to last year, while Home Minister Amit Shah’s fortunes took a hit, as per the latest asset declarations submitted to the Prime Minister’s Office, reports The Indian Express.

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

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

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

The Prime Minister has taken no loans and has no personal vehicle in his name. He possesses four gold rings, weighing about 45 grams and is valued at ₹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 states that the Gandhinagar property is held with three other joint owners, each having an equal share of 25 per cent.

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 ₹1.3 lakh.

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

Amit Shah’s fortunes

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 ₹28.63 crore, compared to ₹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 ₹13.56 crore, according to the PMO declarations.

Amit Shah has ₹15,814 as cash in hand, ₹1.04 crore in bank balance and insurance, pension policies worth ₹13.47 lakh, ₹2.79 lakh in fixed deposit schemes and jewellery worth ₹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 ₹12.10 crore worth inherited securities and ₹1.4 crore owned securities. Their total value of ₹13.5 crore as of March 31 this year is lower than the ₹17.9 crore declaration last year.

Shah has liabilities worth ₹15.77 lakh. Like Shah, the net worth of his spouse, Sonal Amit Shah, fell marginally from ₹9 crore last year to ₹8.53 crore.

The market value of the quoted securities owned by her plummeted from ₹4.4 crore last year to ₹2.25 crore.

Net worth of key ministers

The net worth of Defence Minister Rajnath Singh has not changed much compared to last year. He has declared ₹1.97 crore worth moveable assets and ₹2.97 crore worth immovable assets.

As per his declaration, Singh has no exposure to the stock market or insurance or pension policies.

However, he has declared possessing a .32 round revolver and 2 pipe guns. His wife Savitri Singh has declared movable assets worth ₹54.41 lakh.

The movable assets of the ex-BJP president and Highway Minister Nitin Gadkari, his wife and family jointly stand at ₹2.97 crore as per his declaration under the HUF category. On the other hand, the combined immovable assets declared by him is ₹15.98 crore.

Meanwhile, Finance Minister Nirmala Sitaraman’s net worth seems modest in comparison to the past finance ministers of the country. She has declared a residential property worth ₹99.36 lakh, held jointly with her spouse and non-agricultural land worth ₹16.02 lakh.

Sitharaman owns no four-wheeler but has declared ownership of a Bajaj Chetak Scooter with an Andhra Pradesh registration number worth ₹28,200.

She has a 19-year home loan, a one-year overdraft and a 10-year mortgage loan. Her moveable assets are worth ₹18.4 lakh.

Law minister Ravi Shankar Prasad has declared three immovable properties — one inherited and two owned worth ₹3.79 crore. He has also declared assets and a long list of investments worth roughly ₹16.5 crore.

Commerce and Railways Minister Piyush Goyal has declared moveable and immovable assets of ₹27.47 crore. As per his declaration, his wife Seema Goyal is richer with a ₹50.34 crore net worth including movable and immovable assets.