"The amount would be for a four-month period during September 1 and December 31," a Government Resolution (GR) issued here stated.
"The Commissioner of Police Mumbai will be the controlling officer for disbursal of funds," the GR said.
The funds would be drawn under the 'City Police Establishment' expenditure head of Mumbai Police.
The government has hired the consultant firm to advise it on design and implementation of the project.
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However, the project got delayed for over two years allegedly due to bickering within the Congress-Nationalist Congress Party alliance.
A team of Mumbai Police officials had gone to New Delhi and Haryana to study similar CCTV projects there.
The government had launched the first phase of the project in November last year covering south Mumbai - from Colaba to Worli - where 1,381 cameras have been installed.