Hi @aqsahussain05,

I have good news.  This functionality was recently added to Canvas.  The  How do I archive a grading scheme in a course? - Instructure Community - 601386  guide shows the steps needed to archive a grading scheme in a course and the  How do I archive a grading scheme in an account? - Instructure Community - 601375  guide shows the steps to do so for an account.

Hope this helps!

-Chris