Soak the rice overnight in sufficient water to just cover it. In a heavy pot, boil the milk along with soaked rice, raisins, saffron, cloves and bay leaf. Continue cooking till the rice is done. This rice has a hard exterior and will take about 15-20 mins to cook in the milk. The milk would also be considerably reduced by the time the rice is cooked and the payasam will have a rich and thick consistency. Add the palm sugar and continue cooking till the payasam is nice and thick. Add cardamom powder and cashews fried in the ghee. This is a very flavourful payasam. Serves 4.