The correct answer is option 3, Panchayat Raj. The 73rd Constitutional Amendment Act, passed in 1992, made provisions for the establishment of a three-tier system of Panchayati Raj institutions in rural areas. This act aimed to decentralize political power and ensure local self-governance at the village, intermediate, and district levels. It granted constitutional status to Panchayats and mandated that elections should be held regularly, with reservations for scheduled castes, scheduled tribes, and women. The act also outlined the functions, powers, and responsibilities of the Panchayati Raj institutions, including planning and implementation of economic and social development programs. It is important to note that the 73rd Constitutional Amendment Act specifically pertains to Panchayat Raj and not Foreign Exchange, Finance Commission, or RBI.