The government has allowed Foreign Investment Promotion Board (FIPB) to approve Foreign Investment up to Rs. 1,200 crore, against the existing limit of Rs. 600 crore. The recommendations of the FIPB upto Rs. 1200 crore will now be considered by the Finance Minister for approval. <br/><br/>With today's approval, only proposals involving total foreign equity inflow of more than Rs. 1200 crore will require the clearance from the Cabinet Committee on Economic Affairs (CCEA). <br/><br/>Briefing media on decisions taken by the CCEA at its meeting in New Delhi today, the Home Minister, Mr. P. Chidambaram said, the further liberalization of the policy will expedite foreign investment inflow and save the time. <br/><br/>In another decision, the CCEA gave its nod for the expansion of the Post Graduate Institute of Medical Education and Research, PGI at Chandigarh, for implementing the 27 per cent reservation quota for Other Backward Classess (OBCs). It may be recalled that the government had enacted a law in 2006 for reserving 27 per cent seats in the Central Institutes of Higher Learning for OBCs in a period of three years. <br/><br/>An additional 214 Post Graduate seats will be created in the expansion plan raising the total number of seats from 396 to 610. An additional 192 seats will be created in the nursing courses and 87 in para-medical courses. The total expenditure for expansion will be Rs. 370.97 crore.<br/>