The Finance Minister was given the authority to clear foreign investment proposals up to what limit without seeking an approval of the Cabinet Committee on Economic Affairs (CCEA), according to the new rules that came into effect in 2010?

The new rules allow the Union Finance Minister to clear proposals up to Rs 1,200 crore foreign equity without seeking an approval of the Cabinet Committee on Economic Affairs (CCEA). The department of industry policy and promotion (DIPP) has notified the changes in the foreign direct investment rules on March 26, 2010. Earlier, such proposals above Rs 600 crore were referred to the Cabinet Committee of Economic Affairs. The CCEA would now consider cases of foreign equity above Rs 1,200 crore.