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By: Rabbi Yitzhak Grossman
Maran, the Shulchan Aruch (CM 67:1) rules clearly, in accordance with the Rambam, that Shemitat Kesafim is an obligation, even in our times, albeit rabbinical.
The Rama however mentions that the custom in Europe was to rely on the poskim that it is not an obligation, an opinion reiterated by modern day poskim such as HaRav Moshe Feinstein zt”l, that it is “Midat Chasidut” (a praiseworthy act but not an obligation) in contemporary times.
However, we find from the writings of HaRav Yosef Chaim zt”l, the Ben Ish Chai, Parshat Ki Tavo, that Shemitat Kesafim was observed amongst Eastern Jews, and the form of a prusbol, used today in Jerusalem, is known to have been used in the Holy city for hundreds of years, as HaRav Ovadia Yosef’s son, the current “Rishon LeZion” writes, in his monumental work, “Yalkut Yosef”.