The correct answer is No person is above law.

• Rule of law means everybody is equal before law irrespective of caste, class, sex, and religion.
• It emphasizes the principle that law should govern a nation as opposed to being governed by the arbitrary decisions of independent officials of the executive or the judiciary.
• No one can be above the law, may it be the president or the common man. 

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• The concept of the Rule of Law was propounded by A.V.Dicey, a British jurist and it is believed that it was introduced into India by the British, which was a well-accepted doctrine in Europe.
• But some historians tend to differ from this view as they believe British law was arbitrary that is they don't have a written constitution in place and is based on customs and conventions.
• Moreover, they also believe that it was Indians who contributed in a significant way in developing the legal sphere in Britain.
• However the term "Rule of law" is not provided in the Indian constitution but followed in principle but is accepted by the Supreme court in various cases like the Maneka Gandhi case and the Keshavananda Bharathi case.
• Thus Rule of law is a well-accepted doctrine in India and is quintessential in the successful functioning of any democracy in the world.