Amateur boxing body AIBA has stripped New Delhi of the 2021 men's World Championships and handed them to Belgrade instead.
AIBA said it had terminated the contract, signed in 2017, after India failed to meet host city payment obligations.
India will have to pay a cancellation penalty of $500,000, it added.
AIBA's interim president Mohamed Moustahsane said the plan was to keep the existing dates and hold the championships after the rescheduled 2021 Tokyo Olympics if the Covid-19 pandemic allowed.
The International Olympic Committee (IOC) last year suspended AIBA over issues surrounding its finances and governance.
"I'm sure all the nation would be proud to host the Championships in Belgrade. Serbia has everything to organise a great event for athletes, coaches, officials, and, of course, for our boxing fans," said Moustahsane.
"It’s a big step toward our new competition system and also the financial stability of our organisation, which is going to be less and less dependent on the Olympic money."