The museum was funded by the Royal Visit (1905) Memorial Funds. Additionally, the Government and the Municipality granted Rs. 300,000 and Rs. 250,000 respectively. Sir Currimbhoy Ibrahim (first Baronet) donated another Rs. 300,000 and Sir Cowasji Jehangir gave Rs. 50,000. The Museum was established under Bombay Act No. III of 1909. The museum is now maintained by annual grants from the Government and the Bombay Municipal Corporation. The latter pays for these grants from the interest accruing on the funds at the disposal of the Trust of the Museum.