Increase maximum number of folders and memory limit

[shaddygarg]

Currently the maximum permissible number of folders are 50 and maximum storage limit is 5 Mb. I think this needs to be increased.

[shaddygarg]

@rohithasrk, these limits are hardcoded into init.py. Should we increase these limits or should we look into removing them?

[rohithasrk]

I think keeping a limit is always better. (Until we make it really scalable) Maybe @meetvora could tell us something about it.