Heat oil in a pressure cooker. Fry the cashewnuts, take out of the oil, and set aside. Add red chillis, cumin seeds, mustard seeds, peppercorns, and asafoetida. Fry for a few seconds. Now add the dal and fry for a few minutes. Add the rice, turmeric, salt, coconut, and green chillis, and water.
Pressure cook for 3 whistles. When the pressure has released, stir in the cashewnuts and the ghee. Garnish with fresh coconut and coriander leaves. Serve hot.