Modi's net assets worth Rs 1.41cr

Indian Prime Minister Narendra Modi has assets worth Rs 1.41crore, including a residential property whose price has appreciated by more than 25 times since the purchase over 13 years ago.

According to the latest details of his assets disclosed by the Prime Minister's Office, Modi had total “cash in hand” of just Rs 4,700 at the end of the last fiscal year (April 2014-March 31, 2015) down from Rs 38,700 disclosed on August 18, 2014. He assumed office as prime minister on May 26, 2014.

As per the disclosure, he does not own any motor vehicle/aircraft/yacht/ship. The Indian PM retains his bank accounts in Gujarat; he has no bank account in Delhi.

While he has no loans, his jewellery holdings include four pieces of gold rings weighing approximately 45 grams with a value of about Rs 1.19 lakh as of March 31, 2015.

The latest disclosures are updated till January 30 this year, as per the PMO website.

Modi's investments include tax-saving bonds worth Rs 20,000, government's National Savings Certificates worth about Rs 5.45 lakh and life insurance policies worth Rs 1.99 lakh, taking the total value of his movable assets to Rs 41.15 lakh.

The immovable assets include one-fourth part of a residential property at Gandhinagar in his home state of Gujarat and his share is 3,531.45 square feet with a built-up area of 169.81 square feet.    

Stating that this was not an "inherited property", the disclosure mentions the date of purchase as October 25, 2002.

The cost of purchase was Rs 1.30 lakh while the "investment on the land by way of development construction, etc" has been shown as Rs 2.47 lakh.    

The "approximate current market value" of the property has been disclosed as Rs 1crore.