Indian Governance

Step 1: Understanding the Concept:
The question asks about the subject matter of the 'FERA' law in India.
Step 2: Detailed Explanation:
FERA stands for the Foreign Exchange Regulation Act. It was a law passed in India in 1973.
- The primary purpose of FERA was to impose very strict regulations on all transactions involving foreign exchange, securities, and property held abroad.
- Due to its stringent and restrictive nature, it was a powerful tool used by enforcement agencies to curb illegal activities related to foreign currency, such as hawala transactions and the stashing of unaccounted wealth, commonly known as black money, in foreign countries.
- FERA was repealed in 1999 and replaced by the more liberal Foreign Exchange Management Act (FEMA).
Step 3: Final Answer:
The FERA law was primarily related to the regulation of foreign exchange and was used to combat economic offenses, including the generation and transfer of black money.

Step 1: Understanding the Concept:
This question asks for the year of establishment of a major committee on the Panchayati Raj system in India.
Step 2: Detailed Explanation:
The Ashok Mehta Committee was appointed by the Janata Party government in December 1977 to review the existing Panchayati Raj institutions and make recommendations for their revitalization. The committee was chaired by Ashok Mehta. It submitted its report in August 1978, famously recommending a two-tier system of Panchayati Raj instead of the three-tier system suggested by the earlier Balwant Rai Mehta Committee.
Step 3: Final Answer:
The Ashok Mehta Committee was constituted in 1977.