State the rules relating to acquisition and transfer of immovable property in India by a Non Resident Indian (NRI).

Rule 24 of Foreign Exchange Management (Non-debt Instruments) Rules, 2019 provides that a Non Resident Indian (NRI) may - (a) Acquire immovable property in India other than an agricultural land or farm house or plantation property. Provided that the consideration, if any, for transfer, shall be made out of: Funds received in India through banking channels by way of inward remittance from any place outside India; or Funds held in any non-resident account maintained in accordance with the provisions of the Act, rules or regulations framed thereunder: Provided further that no payment for any transfer of immovable property shall be made either by traveller's cheque or by foreign currency notes or by any other mode other than those specifically permitted under this clause; (b) Acquire any immovable property in India other than agricultural land or farm house or plantation property by way of gift from a person resident in India or from an NRI or from an OCI, who in any case is a relative as defined in clause (77) of section 2 of the Companies Act, 2013; (c) Acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property:- in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these rules ; or from a person resident in India; (d) Transfer any immovable property in India to a person resident in India; (e) Transfer any immovable property other than agricultural land or farm house or plantation property to an NRI.