GIC of India , the country's national reinsurer, has announced a significant leadership change. The Ministry of Finance has approved the appointment of Hitesh Ramesh Chandra Joshi as the interim Chairman-cum-Managing Director (CMD) of GIC Re, effective from October 1, 2025.

Key Details of the Appointment

About Hitesh Ramesh Chandra Joshi

Hitesh Joshi brings a wealth of experience and academic qualifications to his new role:

In his current position as Executive Director, Joshi has been managing crucial areas of GIC Re's operations, including International Business Operations, Human Resources, Information Technology, Office Services, Business Intelligence, and Actuarial functions.

Implications and Compliance

The appointment comes with full financial and administrative powers of the CMD position. GIC Re has confirmed that Joshi is not related to any existing directors of the corporation and faces no regulatory restrictions that would prevent him from holding this office.

This interim appointment ensures continuity in GIC Re's leadership as the search for a permanent CMD continues. The move underscores the importance of experienced internal leadership in navigating the complex landscape of the reinsurance industry.

As GIC Re adapts to this transitional period, stakeholders will be watching closely to see how this change in leadership might influence the corporation's strategic direction and operational efficiency in the coming months.

GIC of India has announced a significant dividend payout for its shareholders, subject to approval at the upcoming Annual General Meeting (AGM). The Board of Directors has recommended a dividend of Rs. 10.00 per equity share for the financial year ending March 31, 2025.

Dividend Details

• Dividend Amount: Rs. 10.00 per equity share (nominal value Rs. 5.00 each)
• Financial Year: Ended March 31, 2025
• Record Date: September 5, 2025
• Payment Timeline: Within 30 days of AGM approval

Tax Implications for Shareholders

Following the Finance Act 2020 amendments, dividend income is now taxable in the hands of shareholders. GIC of India will be required to deduct tax at source (TDS) on the dividend payouts. The TDS rates vary based on the category of shareholders:

For Resident Shareholders:

• No TDS on dividends up to Rs. 10,000.00
• 10% TDS for dividends exceeding Rs. 10,000.00 (with valid PAN)
• 20% TDS if PAN is not provided or not linked with Aadhaar

For Non-Resident Shareholders:

• 20% TDS plus applicable surcharge and cess
• Possibility of lower TDS rates if eligible for tax treaty benefits (subject to submission of required documentation)

Guidelines for TDS Exemptions

GIC of India has issued detailed guidelines for various categories of shareholders to claim TDS exemptions:

• Insurance Companies: Submit appropriate documentation
• Mutual Funds: Provide necessary forms and declarations
• Other Exempt Entities: Submit relevant forms and declarations

All required documents for TDS exemption claims must be submitted before September 5, 2025.

Shareholder Action Required

1. Ensure PAN is linked with Aadhaar to avoid higher TDS rates
2. Non-resident shareholders seeking tax treaty benefits should submit required documentation
3. Exempt entities must provide necessary forms and declarations before the deadline

This dividend announcement demonstrates GIC of India's commitment to delivering value to its shareholders while adhering to the latest tax regulations. Shareholders are advised to review the detailed guidelines provided by the company and take necessary actions to optimize their dividend receipts.