Out of the Rs 1.3 lakh, Rs 50,000 will be the personal alimony to Shami's estranged wife Hasin Jahan and the remaining Rs 80,000 will be the cost of maintenance of their daughter who is staying with her.
The Jammu and Kashmir speedster has impressed with his express pace, bowling at 150 clicks consistently but has struggled with accuracy.
Shami picked up a shoulder injury during a training session in the lead up to the series.
Akhtar had criticised the Indian players after the drubbing at the hands of England in the semifinal.
Australia needed 16 runs off the last two overs to successfully chase down the total.
The Indian think tank wanted an experienced quick bowler at the death.
Shami's last T20 International was in the previous edition of the T20 World Cup held in the UAE.
India are in dire need of an express pace bowler in Bumrah's absence. Bumrah was ruled out of the World Cup in Australia earlier this week due to a back injury.
The series is set to begin in Thiruvananthapuram with a T20I on Wednesday.
Shami was ruled out of the series late on Saturday night after he had tested positive for COVID-19.