Blanch and grind the almonds to a fine paste with 1/2 cup milk. Mix together the ground almond paste and rice flour and keep aside.
Bring the milk to a boil. Add the sugar and stir till the sugar dissolves. Keep aside a tablespoon of hot milk and dissolve the saffron in it. Add the almond-rice mixture into the boiling milk along with the saffron.
Stir continuously for a few mintues till the milk thickens and attains a custard-like consistency. Sprinkle in the cardamom powder. Take off fire and cool to room temperature.
Pour into individual bowls, garnish with almonds and pistachios and refrigerate.