The Biblical and Rabbinical obligation:[1]

[Biblically the command to annul loans during Shemitah only applies during times that the Yovel cycle is in practice[2], which is when all the tribes are living in Eretz Yisrael.[3]] In today’s times [however] the laws of Shemitas Kesafim [abolishing debts] during the year of Shemitah is [only] a Rabbinical enactment.[4] This applies in both Eretz Yisrael, and in the Diaspora.[5]

[1] Admur Hilchos Halva 34

[2] Michaber 67/1; Rambam Shemitah 2/9

Other Opinions: See Ramban brought in Urim Vetumim 67/1 that holds Shemitas Kesafim is a Biblical obligation even today, and even in the Diaspora.

[3] Rambam Shemitah 10/8

[4] Admur 34; Gittin ibid; Rambam 9/3; Michaber ibid

[5] Admur ibid; Michaber ibid

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