Slice the onions into thin long pieces and keep aside. Wash Basmati rice once and drain the water and keep the rice aside for 10 minutes.
Meanwhile heat a broad pan with 1 1/2 tb spoons of butter and 1 tb spoons of oil. Add cumin seeds and bay leaves to it. Once the seeds splutter add the spices cloves, cardamom and cinnamon and stir few seconds. Then add the pepper powder and required salt.
Now add the drained Basmati rice into the pan and stir gently. Measure the rice and add 2 times of water from the measurement of rice. (1:2)
Close the pan with a lid and keep the flame to minimum. While the rice is getting cooked in another stove heat a kadhai and fry the onions with remaining oil and butter patiently.
When the onions are half fried add the chilies. Keep frying till the onions become dark golden colour. Now add the chopped spring onions to it and mix well.
After 15 minutes take off the lid and make sure the rice is cooked well and no water is left behind. Transfer the fried onion stuff into the rice pan and stir gently without breaking the long grains.
Garnish with roasted cashews and cilantro. Serve hot with any gravy like Paneer masala, Kadhai Vegetables or Baby corn Manchurian.