I want to remove the existing subscription product from product list.
How would I be able to perform so as I didn't found any option on my developer console to delete the subscriptions ?
Also if in any way possible it is allowed, then will it have any effect on the existing users who have purchased that subscription when they call for RESTORE_TRANSACTION from their app while communicating with Google Play ?
Unfortunately, It's not possible to remove a subscription product from the product list of the developer console. You can just remove the subscription product from the product list offered in your app to prevent users from seeing or purchasing it.