Heat the butter or ghee in a large pan or kadai, add the whole spices - cumin seeds, cardamom pods, star nise, cinnamon stick, cloves and bay leaf and fry lightly.
Add the oil also to the pan and fry the cashews until light golden brown in color.
Add the ginger garlic paste also and stir fry until lightly fried.
Add the cooked white rice (make sure the rice do not have any lumps) to the pan, add enough salt also to the pan, stir everything well and stir fry the contents in low heat for about 2 to 3 minutes until the rice is lightly fried.
Add the prepared paneer carrot masala and also the garam masala powder to the rice, mix everything very well, stir fry the contents for another 3 to 4 minutes in low to medium heat or until the water from the masala is all absorbed and the masala is well blended with the rice.
Add the black pepper powder also to the paneer pulao, stir everything in the pan very well and the pulao is ready to be served! Serve the pulao as it is or serve with any curry, pickles, fresh curd or yogurt or any raita like onion tomato raita.