Wash the rice in several changes of water and drain. Then, soak it in water for at least half an hour, drain and set it aside.
Heat one tablespoon of ghee in a heavy pot and fry the cashew pieces until they are lightly golden on medium-low heat. Since cashews are delicate, keep an eye on them while frying. They burn easily. Set the fried cashews aside.
In the same pot, heat the remaining ghee and add the whole spices and let them sizzle for 30-40 seconds. Then, add the sliced onions and fry until they are soft and turn brown on the edges.
Add the drained rice, peas, turmeric powder, chili powder, garam masala, cashews and salt and fry for two minutes. Stir and sauté gently for 2 to 3 minutes until the rice and peas are coated with the spices and ghee.
Add the hot water to the rice mixture and bring it to a boil. Then add the coconut milk, stir once and reduce the heat to the lowest setting. Cover the pot with a tight lid and let it cook for 10 minutes. Do not open the lid during the cooking time. Turn the heat off and let the pot sit for another five minutes. Stir gently before serving. The pulao goes well with papad, mango pickle and plain yogurt.