In India, the Panchayati Raj generally refers to the system introduced by the constitutional amendment in 1992, although it is based upon the traditional panchayat system of South Asia. The modern Panchayati Raj and its Gram Panchayats are not to be confused with the extra-constitutional Khap Panchayats (or Caste Panchayats) found in northern India. The Panchayati Raj system was formalized in 1992, following a study conducted by a number of Indian committees on various ways of implementing more decentralized administration.

Based on this passage, when was the panchayat raj system introduced in india? Let's give stream of consciousness first:
The relevant information to answer the above question is: In India, the Panchayati Raj generally refers to the system introduced by the constitutional amendment in 1992, although it is based upon the traditional panchayat system of South Asia.
So, the final answer is 1992.