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Economic and commercial relationships between Norway and India have been growing steadily, particularly since the signature of the Plan of Action for India, under which the two countries collaborate on issues related to economic development and health. While India has prohibited outgoing cash transfers denominated in rupees (INR), the country places no restrictions on incoming money flows. Norway does not employ capital controls and allows its currency, the krone (NOK) to be converted freely, so there are no restrictions to transfer money from Norway to India.
Norwegian nationals who plan to visit India for a short period of time, whether for business or personal reasons, are eligible to obtain a tourist visa upon arrival at the Indian airport. This is not applicable to diplomats or officials. Tourist visas can also be processed online at the Online Indian Visa Centre. The cost is US$60, and visitors are permitted to stay for a maximum of 30 days. Holders of this particular type of visa are not allowed to work in India during their stay.
In order to work or remain longer in India, Norwegians may choose from among several types of work, business and employment visas, as well as a residence permit. While it is not difficult to obtain a visa for India, the challenge lies in deciding which of the many options is right for your particular travel needs. Further information can be obtained from the Indian Embassy in Norway.
The Indian banking system has undergone rapid growth. Opening a local bank account is advisable if you plan to spend a significant amount of time in the country, and can make it easier to transfer money from Norway to India. The country has a wide variety of private, public and international banks, which maintain more than 53,000 branches and 17,000 ATMs nationwide.
Many financial institutions in India offer electronic banking services. Some local banks also offer a dedicated financial manager to help with particular types of transactions. Non-residents may open a temporary bank account without a visa, as long as it is denominated in rupees. However, many international visitors to India prefer to use the services of an international bank, such as HSBC or Citibank. In some cases, you can open your account before you leave for India. Be informed that international banks may have higher service charges than local banks.
Strong ties are maintained between Indian expats in Norway and family and friends back in India. Many travel back and forth frequently and keep up to date on current affairs in their home country through online media and satellite TV. India is the top remittance-receiving country in the world, registering US$71bn in foreign receipts in 2013, according to World Bank data. Given the demand for remittance services, a large number of companies are willing to make these types of transfers to India, and incoming capital flows to India are entirely unrestricted.
Trade between Norway and India is steadily increasing. In 2012, exchanges between the two countries reached US$932m, according to statistics from the Indian government. India’s exports to Norway, which drive a steady volume of money transfers to India, include fabrics, furniture, transport equipment, coffee, spices, footwear, clothing, tea, paper products and minerals. In the opposite direction, India imports a variety of goods from Norway, such as industrial machinery, artificial resins, electronics, scientific control equipment, non-ferrous metals and plastics.
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Transfer Money from Norway to India - NOK to INR
Economic and commercial relationships between Norway and India have been growing steadily, particularly since the signature of the Plan of Action for India, under which the two countries collaborate on issues related to economic development and health. While India has prohibited outgoing cash transfers denominated in rupees (INR), the country places no restrictions on incoming money flows. Norway does not employ capital controls and allows its currency, the krone (NOK) to be converted freely, so there are no restrictions to transfer money from Norway to India.
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Visas and immigration
Norwegian nationals who plan to visit India for a short period of time, whether for business or personal reasons, are eligible to obtain a tourist visa upon arrival at the Indian airport. This is not applicable to diplomats or officials. Tourist visas can also be processed online at the Online Indian Visa Centre. The cost is US$60, and visitors are permitted to stay for a maximum of 30 days. Holders of this particular type of visa are not allowed to work in India during their stay.
In order to work or remain longer in India, Norwegians may choose from among several types of work, business and employment visas, as well as a residence permit. While it is not difficult to obtain a visa for India, the challenge lies in deciding which of the many options is right for your particular travel needs. Further information can be obtained from the Indian Embassy in Norway.
Trade between Norway and India
Trade between Norway and India is steadily increasing. In 2012, exchanges between the two countries reached US$932m, according to statistics from the Indian government. India’s exports to Norway, which drive a steady volume of money transfers to India, include fabrics, furniture, transport equipment, coffee, spices, footwear, clothing, tea, paper products and minerals. In the opposite direction, India imports a variety of goods from Norway, such as industrial machinery, artificial resins, electronics, scientific control equipment, non-ferrous metals and plastics.
Investing in India
The number of Norwegian companies invested in India continues to rise. As of early 2015, there are approximately 90 Norwegian firms established in India, with investments worth some US$10bn. These projects have created an estimated 10,000 and are another major driver of money transfers from Norway to India. Norwegian authorities have shown a particular interest in hiring Indian engineers and IT professionals.
Norway is among the leading nations in the maritime sector. Approximately 7,500 Indian nationals are currently employed in the industry, and Norwegian ships make between 500-600 annual port calls in India. Many partnerships have been established between the two countries’ shipping industries.
Norway and India have signed several agreements in an effort to strengthen bilateral ties. A double taxation avoidance agreement between both countries covers any taxes that would be paid on income, royalties, dividends, fees for services or interest. These earnings should not be taxed more than 10% within the country that they are earned. The two countries also signed a memorandum of understanding in the area of renewable energy, and work together in the area of fuel cells and hydrogen cells.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
