Exchanging old currency notes for amount less in value in new currency notes

Question 352:

The Indian Government has invalidated the old currency notes and made it obligatory for the people to use new notes because of which the Muslims are in great trouble of basic necessities, requiring them to go to banks to exchange notes and wait in huge queues. All of the money is also not exchanged except little. Some people are offering to exchange more with less currency. For example, they take 10000 Rs in old notes and give back 9000 Rs new notes keeping the margin as a charge. Can the Muslims exchange this way or is this Riba?

Answer :

هذا من ربا الفضل.

والصبر على هذه الطوابير الطويلة أهون من محاربة الله تعالى لك.

قال تعالى: (يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِينَ • فَإِن لَّمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ ۖ وَإِن تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لَا تَظْلِمُونَ وَلَا تُظْلَمُونَ).

This is from Riba Al Fadhl and being patient in long queues is lesser than Allah waging war against you.

The Most High said,

O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba (usury) (from now onward), if you are (really) believers. And if you do not do it, then take a notice of war from Allah and His Messenger (صلى الله عليه وسلم) but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). (Surah Baqarah 278-279)

Answered by : Shaykh Abu Hatim Yusuf Al Jazairi hafidhahullah

Translated by : Abu Muhammad Nezam Uddin Al Hindi