It seems that you have to commit a mistake before you realize what you did.
The PaisaPay system in India is similar in some ways to PayPal, but lacks the most basic feature; 'FLEXIBILITY'.
If you wanted to limit the number of cheques issued per month, you could have easily done it without affecting the members authority to withdraw cheques no more than 4 times a month. That would have made PaisaPay truly a flexible and helpful payment gateway.
In future, if the PayPal cheques become at par with all Indian states, then I would surely like to receive all my payments through PayPal, where it is the account holder who decides when to withdraw funds.