Boil the milk. When it raises, reduce heat, add evaporated milk.
Let the mixture continue to cook on low flame for 15 minutes (stir every 2 minutes).
Add paneer, sugar, saffron and cardamom.
Mix well and continue heating on medium low flame stirring frequently until the mixture becomes very thick (time varies from 10-20 minutes). The mixture would have reduced by half in volume now.
It will look semi solid.
After refrigerating, it becomes thicker.
Garnish with nuts and serve cold.
Note: Use a non stick pan. Evaporated milk and sugar can be replaced by condensed milk. I like to add evaporated milk because I can control the amount of sugar. The amount of milk and evaporated milk can be reduced to 1 cup each to get the desired basundhi consistency in lesser time.