Roger Federer and Serena Williams have pulled out of the International Premier Tennis League ahead of the tournament's Indian leg next week due to economic "uncertainty", organisers said on Tuesday.

India has been gripped by a cash crunch after the government withdrew high denomination from circulation last month.

"We have had challenges this year, and we were hoping to get past them," Mahesh Bhupathi, the Asia-based mixed team tennis league's founder and director, said in a statement.

"With the current economic climate in India and the uncertainty of spending money, I reached out to both Roger and Serena to explain the situation.

"They have been both been very supportive of the IPTL the first two seasons and we look forward to bring them in future years."

Federer was scheduled to make his comeback at the event in Hyderabad from Dec. 9-11. The 35-year-old has not played since July due to knee problems.