Prime Minister Narendra Modi has got richer this year comparing to the preceding year as his net worth has increased while the net worth of one of his commanders Home Minister Amit Shah has declined. The revelation has come after the Prime Minister's office had made the asset declarations public.
As per the declarations, the net worth of the Prime Minister had increased this year as he has got richer. Modi's net worth as of June 30, 2020, was Rs 2.85 crore while it stood at Rs 2.49 crore during the same period last year. The increase of Rs 36 lakh in his net worth was made possible by the fresh bank deposits of around Rs 3.3 lakh and returns on safe investments - fixed deposits worth Rs 33 lakh during the last one year.
The Prime Minister's net worth has sharply been increasing every year as the sequel of the increase in his savings. According to the declaration released by the Prime Minister's Office, Modi only had Rs 31,450 as cash in hand and a bank balance of Rs 3,38,173 in SBI Gandhinagar NSC Branch by the end of June 2020. At the same branch, the Prime Minister has FDR (Fixed Deposit Receipt) and MOD (Multi Option Deposit Scheme) of Rs 1,60,28,939.
The Prime Minister also has the 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. Modi hasn't availed loans and has no personal vehicle against his name while he has declared that he has movable assets of around Rs 1.75 crore. He also has revealed that he owns a plot jointly in Gandhinagar in his home state of Gujarat.
The plot, which measures 3,531 square feet, sits on Sector-1 in Gandhinagar and it has been held by four people including Modi and each of them have 25 percent of share in the plot. As per the declaration, the property was bought on October 25, 2002, two months before he became the Chief Minister of Gujarat. The cost of the plot that was time was Rs 1.3 lakh. The Prime Minister currently owns four gold rings all of which worth Rs 1.5 lakh.
While Prime Minister's net worth had surged, Home Minister Amit Shah's net worth has plunged as the Home Minister, who hails from a rich Gujarati family, had declared that his net worth had declined due to the instability that prevailed in the share market which dropped the value of the securities held by him.
According to the declaration, Amit Shah had declared his net worth as Rs 28.63 crore as of June 2020 while it stood at Rs 32.3 crore during the same period last year. The plunge in the share market had also adversely impacted the net worth of Amit Shah's wife Sonal Shah. As per his declaration, Amit Shah owns ten immovable properties and all of them are in Gujarat.
The properties owned by him and shared inheritance from his mother are worth Rs 13.56 crore. The Home Minister had Rs 15,814 as cash in hand by June 2020 while he had Rs 1.04 crore in the bank balance. Amit Shah also has insurance and pension policies worth Rs 13.47 lakh, Rs 2.79 lakh in fixed deposit schemes, and jewelry worth Rs 44.47 lakh.
The Home Minister had declared that he had liabilities worth Rs 15.77 lakh and he has inherited securities worth Rs 12.10 crore and Rs 1.4 crore owned securities. The total value of the securities stood at Rs 13.5 crore as of March 31 this year while it stood at Rs 17.9 crore last year. Like the Home Minister, his wife Sonal Amit Shah had faced a decline in her worth as she had declared her net worth as Rs 8.53 crore by June this year while it was Rs 9 crore last year.