Mix milk, sweet condensed milk, sugar and saffron strands in a thick bottomed pan and bring it to a boil on a medium flame.
When it starts boiling, reduce flame to low and boil until mixture turns to thick for around 15 minutes. Stir occasionally in between to prevent sticking.
Add cardamom powder and mix well.
Turn off the flame and cool at room temperature.
Remove sides of bread slices and cut into equal squares.
Deep fry the bread pieces in clarified butter till golden brown.
Arrange crisp fried bread pieces in a single layer on serving plate. Pour the milk mixture over them.
Garnish with chopped nuts and serve either hot or chilled.