Answer the following questions as per Overseas Direct Investment: When shall a person resident in India, shall not acquire or transfer any immovable property situated outside India ?

Rule 21(1) of FEM (Overseas Investment) Rules, 2022 provides that save as otherwise provided in the Act or this rule, a person resident in India shall not acquire or transfer any immovable property situated outside India without general or special permission of the Reserve Bank of India. However, following property excluded - held by a person resident in India who is a national of a foreign State; acquired by a person resident in India on or before the 8th day of July, 1947 and continued to be held by such person with the permission of the Reserve Bank; acquired by a person resident in India on a lease not exceeding five years.