In 5 years, value of Narendra Modi's assets goes up from Rs40 lakh to Rs1 crore

The value of assets owned by Gujarat chief minister Narendra Modi has crossed the Rs1 crore mark in 2012, from Rs40 lakh five years ago, as per his affidavit accompanying the nomination papers for assembly elections.

Modi filed the papers for Maninagar constituency in Ahmedabad on Friday.

The value of the assets of the Gujarat CM stood at Rs40 lakh in 2007. His assets at the time included a plot in Gandhinagar Sector-1, bought for Rs1,30,488, and valued at Rs30 lakh.

The market value of this plot has been shown as Rs 1 crore in the present affidavit. The development work on the plot is worth Rs2,47,208, it says.

Other assets, including bank deposits, gold rings, NSCs, etc, have been valued at Rs33,42,842.

He has fixed deposits of Rs22,59,226 at SBI Sachivalaya branch, besides Rs4,24,836 in savings account. In 2007, Modi had deposits of Rs8,00,000, and Rs55,651 in the savings account.

The Chief Minister has added two more bank accounts in the last five years: at Rajkot Nagrik Sahkari Bank (Rs 30,347), and SBI Maninagar (Rs 10,000). He has also invested Rs 20,000 in infrastructure bonds.

His income in the latest I-T return was Rs1,50,630. He is yet to get I-T refund of Rs54,403, and has to get back Rs14,363 lent to someone, the affidavit states.

Correction, November 30, 2012: The error in the headline has been rectified.