The 51-year-old actor took to Twitter and shared the photo of him giving Ranbir the money.
He captioned the snap, "Jagga Jasoos we r quits now!!! Hisaab barabar. Give @karanjohar his share for the 'Jab' part in JHMS please."
The picture sees Ranbir gleefully collecting the sum.
' Ae Dil Hai Mushkil' helmer Karan Johar was quick to respond and clarified his share.
He tweeted, "Yes am waiting !! Ranbir owes me 1,250 rupees!"
Reportedly, Imtiaz Ali, the director and SRK, had asked all their friends and crew members to contribute the titles they have in mind for the movie.
The person's whose title would be selected as the final one, would win Rs. 5000 from the 'Raees' star!
At the song launch of his new film ' Jagga Jasoos', Ranbir shared, "I suggested Jab Harry Met Sejal to SRK."
At that time, SRK had tweeted, "Just in case Ranbir Kapoor ever claims it...the title Jab Harry met Sejal was never ever suggested by him!So he doesn't win the Rs.5000 reward."
Helmed by Imtiaz Ali, 'Jab Harry Met Sejal' traces the love story of a Punjabi guy played by SRK and a Gujarati girl essayed by Anushka Sharma.
The flick is slated for June 18 release.