From a Times article today:

And what of India, the most booming growth market for cricket? The eight Indian Premier League (IPL) franchises met in Bangkok last weekend and agreed to increase the cap for purchasing players from $5 million to $7 million. This will apply for the next auction of players in February, but the owners also agreed a one-month trading window from December 15 in which, as one source said, trading can be done for players with absolutely no budgetary limits.