Narendra Modi has over Rs 1 crore in assets

The value of assets owned by Gujarat Chief Minister Narendra Modi has crossed the Rs 1 crore mark in 2012, from Rs 40 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 Rs 40 lakh in 2007. His assets at the time included a plot in Gandhinagar Sector-1, bought for Rs 1,30,488, and valued at Rs 30 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 Rs 2,47,208, it says. Other assets, including bank deposits, gold rings, NSCs,etc, have been valued at Rs 33,42,842. He has fixed deposits of Rs 22,59,226 at SBI Sachivalaya branch, besides Rs 4,24,836 in savings account. In 2007, Modi had deposits of Rs 8,00,000, and Rs 55,651 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 Rs 1,50,630.  He is yet to get I-T refund of Rs 54,403, and has to get back Rs 14,363 lent to someone, the affidavit states.