PM’S ASSETS UP ~32 LAKH IN FY16; ROYALTY ON BOOKS A NEW ENTRY

Narendra Modi’s total wealth rises 22.6% in FY16 to ~1.73 crore

Prime Minister Narendra Modi’s overall financial assets grew 22.6 per cent to ~1.73 crore in FY16, up from ~1.41 crore in previous year, according to government’s declaration of ministers’ financial assets and liabilities. A new entry in Modi’s financial assets is royalty of books receivables at ~12.35 lakh. His cash in hand has risen 19 times to ~89,700 from ~4,700 in the previous year. Finance Minister Arun Jaitley’s financial assets were pegged at ~60.99 crore in FY16 and his cash in hand was ~65.29 lakh.

Prime Minister Narendra Modi’s cash in hand has risen 19 times in financial year 2015-16 to ~89,700, from ~4,700 in FY15. Even so, the PM’s cash in hand is among the lowest when compared with his Cabinet colleagues. In FY16, the cash in hand with Finance Minister Arun Jaitley was ~65.29 lakh, External Affairs Minister Sushma Swaraj ~2.84 lakh and Information & Broadcasting Minister Venkaiah Naidu ~1.52 lakh, according to government’s declaration of ministers’ financial assets and liabilities.

The PM’s total wealth, including moveable and immovable assets, has shown an increase as well. According to latest data, Modi is richer by 22.6 per cent compared with his wealth in FY15. His overall financial assets are pegged at ~1.73 crore, up from ~1.41 crore in FY15.

A new entry in the PM’s financial assets in FY16 was the royalty from books at ~12.35 lakh. In the previous two years, the declaration of assets did not show book royalties. Modi continues to have four gold rings weighing 45 g as before, though their value has gone up 27 per cent to touch ~1.27 lakh, from ~1.18 lakh a year before. Among other assets, his Gandhinagar property is valued at ~1 crore, which is the same as last year. The PM still does not own a car, yacht or aircraft, nor has he given out any loan to any person. His savings bank account at the State Bank of India in Gandhinagar holds ~2.09 lakh in balance while fixed deposits at the same bank has ~51.27 lakh. In the previous year, his savings and fixed deposits accounted for around ~31 lakh. Among other instruments, the PM has invested in tax-saving L&T bonds, Life Insurance Corporation of India instruments and National Savings Certificates totalling ~5.47 lakh. Financial details of the PM’s wife, Jashodaben, continue to be listed as “not known”.

The latest data showed Finance Minister Jaitley’s personal financial assets had declined by around 8.9 per cent in FY16. Among the richest in the Cabinet, Jaitley’s financial assets, including moveable and immovable assets, were pegged at ~60.99 crore in FY16, down from ~67.01 crore in the previous year. The finance minister owns six residential properties jointly with his wife Sangeeta Jaitley in Delhi, Gurgaon, Amritsar and Gandhinagar.