Website - http://www.indianembassyinpanama.com
You can apply for a visa by visiting the Panama Embassy at Delhi or the consulate general at Mumbai. Visa Fees should be paid in the form of pay order, "Consulate of Panama" payable in New Delhi. Visa processing fees is INR 6000, and visa fee is INR 2500 (after the visa is stamped on passport). Personal presence might be required at the Embassy.
Citizens of the following countries do not require a visa to stay in Panama up to 180 days : Andorra, Angola, Antigua y Barbuda, Arabia Saudita, Argentina, Armenia, Austria, Australia, Bahamas, Barbados, Belize, Belarus, Belgium, Botsuana, Bhutan, Brazil, Bolivia, Bosnia and Herzegovina, Brunei Darussalam, Bulgaria, Cape Verde, Cambodia, Canada, Czech Republic, Chile, China, Colombia, Comoros, Costa Rica, Croatia, Cyprus, Denmark, Dominica, Ecuador, El Salvador, Egypt, Fiji, Estonia, Finland, France, Gabon, Germany, Georgia, Gibraltar, Granada, Greece, Guatemala, Guyana, Holland, Honduras, Hungary, Iceland, Italy, Ireland, Israel, Japan, Jamaica, Kenia, Kiribati, Latvia, Lebanon, Lithuania, Kuwait, Letonia, Liechtenstein, Luxembourg, Macao, Macedonia, Madagascar, Malaysia, Maldives, Malta, Marshall Islands, Mauritius, Micronesia, Mexico, Moldovia, Monaco, Mongolia, Montenegro, Namibia, Nauru, Netherlands, New Zealand, Nicaragua, North Korea, Norway, Palaos, Papua New Guinea, Paraguay, Peru, Poland, Portugal, Qatar, Romania, Russian Federation, Saint Kitts y Nevis, Saint Lucia, Salomon Islands, Samoa, So Tom and Prncipe, San Marino, Serbia, Seychelles, Singapore, Slovak Republic, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Tonga, The Vatican, Trinidad and Tobago, Turkey, Tuvalu, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Vanuatu, Venezuela and Vietnam. Residence permit issued by any of the above countries also do not require a visa . Holders of official, diplomatic or service passports of China, Cuba and Philippines do not require a visa.