This would apply to all vehicles parked within 500 metre radius of the 26 authorised public parking lots and 20 designated BESTS depots in the city.
The penalty will comprise the actual fine for illegal parking and towing charges, which will come to a whopping Rs 5000 to Rs 8,300 for two-wheelers and Rs 15,000 to Rs 23,250 for heavy vehicles.
BMC's notices proclaiming the new parking fines-cum-towing charges went up in different areas of the city on Friday warning potential offenders, a civic official told , requesting anonymity.
The new penalties for medium vehicles shall be Rs 11,000 to Rs 17,600, light motor vehicles Rs 10,000 to Rs 15,100 and for all types of three-wheelers Rs 8,000 to Rs 12,200 per violation.
From the minimum amounts, the fines will keep increasing progressively daily for late payment charges till the maximum rates.
Mumbai has an estimated vehicle population of around three million comprising all categories.
Anticipating brawls between drivers and implementing officials, the BMC has requisitioned services of ex-service personnel and even private security guards to help the traffic police, said the official.
Initially, the new parking rules shall be implemented in dense traffic areas and in localities with already sufficient alternative parking facilities, gradually it will be extended to all other areas.
"This will curb instances of people simply parking anywhere, disappearing for brief to prolonged periods to complete some work before returning, but by that time, traffic is already in chaos, especially on main roads," the official said.
( With inputs from IANS )