Premier League has raised the auction cap for each IPL team. Each team would now be allowed to keep a purse of seven million U.S. Dollars (about 35 crore rupees) to bid for players. The amount is up from the prevailing level of five million U.S. Dollars.IPL Commissioner and Chairman Lalit Modi told PTI today that this would mean 70 million U.S. dollars for the 10 teams every year and 210 million U.S. dollars in three years. He said that the amount which is about One thousand crore rupees, will be the single largest auction in the sporting world. Modi said the enhanced cap for auctioning would be for three years from IPL season-IV beginning next year. He further said that details of the increased ceiling as also the auction programme would be announced shortly after the ongoing tournament.