Boil the Milk and keep stirring it continuously for 30 minutes on low to medium heat. The milk should reduce to two third of the original quantity.
Soak the Rice for 20-30 minutes.
Crush the Cashews to a powder.
Add the cashew powder to the milk and keep stirring.
Add the sliced and crushed Almonds.
Cook the rice with milk.
Once the Rice is cooked, add it to the milk. Keep stirring so the rice does not form lumps.
After around 10 minutes, add the Khoya powder/ shredded maawa. Keep stirring.
Add the condensed milk, and stir well. At this point, you can also add more sugar if needed. Keep cooking and stirring on low heat for around 15 minutes.
Add saffron and cardamom powder.
Keep stirring till everything blends well and comes to a boil. Let the Kheer cool down.
You can garnish the Kheer with Almonds and Pistachios. You can serve the Kheer on room temperature or let it cool in the refrigerator for a few hours and serve it cold.