function removeFromArr (parray,ptag,pstring){
 var b =[];
var count = 0;
for (var i =0;i<parray.length;i++){
 if(pstring != parray[i][ptag]){
 b[count] = parray[i];
 count++;
 }
}
 return b;
}
var lobj = [ {
 "SCHEME_CODE": "MIP65",
 "YEARS": "1",
 "CURRENCY": "GBP",
 "MAX_AMT": 200000,
 "MIN_AMT": 1000,
 "AER_IR": "1.80",
 "FREQUENCY": "Monthly",
 "CUST_TYPE": "RETAIL",
 "GROSS_IR": "1.79"
 },
 {
 "SCHEME_CODE": "MIP65",
 "YEARS": "2",
 "CURRENCY": "GBP",
 "MAX_AMT": 200000,
 "MIN_AMT": 1000,
 "AER_IR": "1.98",
 "FREQUENCY": "Monthly",
 "CUST_TYPE": "RETAIL",
 "GROSS_IR": "1.96"
 },
 {
 "SCHEME_CODE": "MIP65",
 "YEARS": "3",
 "CURRENCY": "GBP",
 "MAX_AMT": 200000,
 "MIN_AMT": 1000,
 "AER_IR": "2.05",
 "FREQUENCY": "Monthly",
 "CUST_TYPE": "RETAIL",
 "GROSS_IR": "2.03"
 },
 {
 "SCHEME_CODE": "MIP65",
 "YEARS": "5",
 "CURRENCY": "GBP",
 "MAX_AMT": 200000,
 "MIN_AMT": 1000,
 "AER_IR": "2.26",
 "FREQUENCY": "Monthly",
 "CUST_TYPE": "RETAIL",
 "GROSS_IR": "2.24"
 },
 {
 "SCHEME_CODE": "QIP65",
 "YEARS": "1",
 "CURRENCY": "GBP",
 "MAX_AMT": 200000,
 "MIN_AMT": 1000,
 "AER_IR": "1.80",
 "FREQUENCY": "Quarterly",
 "CUST_TYPE": "RETAIL",
 "GROSS_IR": "1.79"
 },
 {
 "SCHEME_CODE": "QIP65",
 "YEARS": "2",
 "CURRENCY": "GBP",
 "MAX_AMT": 200000,
 "MIN_AMT": 1000,
 "AER_IR": "1.98",
 "FREQUENCY": "Quarterly",
 "CUST_TYPE": "RETAIL",
 "GROSS_IR": "1.97"
 },
]
function myFunction(){
 var final = removeFromArr(lobj,"SCHEME_CODE","MIP65");
 console.log(final);
}
<html>
<button onclick="myFunction()">Click me</button>
</html>