Bhubaneswar: It seems spellbound by the popular quote “Balancing your money is the key to having enough” a whole lot of ministers in the State Cabinet had deployed their finances in a very smart way to maximize their harvests. The common refrain witnessed is almost all had invested their funds in secure investment plans and in reputed financial institutions like SBI, Nationalised banks, LIC, AXIS, ICICI, TATA-AIG and Bajaj Allianz etc.
As per the annual property return filed by the Naveen Patnaik Cabinet, the ministers have invested heavily in land, bank term deposits and insurance plans/policies etc. A few ministers dabble their investments in bonds, shares and debentures. The statement shows not only ministers, even their better halves have also emerged as smart investors.
Take A Look At Few Heavyweights.
Pratap Jena: The Minister didn’t put all eggs in one basket. As a smart investor, State Law Minister invested his earnings in bank term deposits, LIC policies and National Saving Schemes. While the Minister, his wife and one dependent together have 7 bank deposits, including 3 of Jena and 2 each of his wife and dependent.
While Pratap Jena has three LIC policies and one health insurance policy, his better half has one LIC policy, one PPF (Public Provident Fund) account and 6 NSCs (National Saving Certificates).
What Is NSC?
The National Savings Certificate is a fixed income investment scheme that can be opened within any post office. This is a savings bond that encourages subscribers – mainly small to mid-income investors – to invest while saving on income tax.
Bikram Arukh: He is Odisha’s Minister for Environment and Forests. The minister’s family has 15 bank fixed deposit accounts. Arukh dabbles his earnings in bonds and shares too. The minister at present holds 50 number of equity shares in SBI and 10 SBI bonds.
*Bikram Arukh’s TDS (Tax Deduction at Source) and advance tax amount totaled to over Rs 4 lakh, the APR reveals.
*Minister seemed have clinched a gold jackpot when he tied his nuptial knot. The APR shows receipt/gift of over 1kg worth gold jewellery and ornaments.
Dibyashankar Mishra: Minister of State (MoS) for Home and Energy. Though he has only 4 Bank deposit accounts, the minister bets big on agricultural, non-agricultural land and property purchases/sell offs.
Sameer Dash: The School and Mass Education Minister in Odisha. The minister and his wife together have 11 bank deposits accounts, whose total value is worth nearly Rs 50 lakh. Moreover, the number of insurance plans and policies owned by the minister and his family members stood at around 23.
Tukuni Sahu: Odisha’s women development minister has 6 bank deposit accounts and around 9 insurance policies. Besides, she has opened post office recurring deposit schemes and LIC policies in the name of her daughter.
Padmini Dian: The Minister for Textiles, handlooms and handicrafts has also banked high on bank deposits and insurance plans. The minister and her spouse together have 8 bank deposits and 10 insurance policies.