Put the yogurt on a clean muslin or cotton cloth which you have draped over a sieve or a colander. Cover the yogurt with the cloth.
Place a wad of newspaper on the cloth. Place some heavy object on it, like a clean stone, brick, mortar and pestle, etc whatever you have in the house.
Leave it for about 15 minutes. All the water from the yogurt will drain out to give you a nice thick curd cheese.
Heat about a teaspoon of milk and soak the saffron in it.
Remove the curd cheese from the cloth and put it into a bowl. Add sugar to the curd cheese or strained yogurt. Mix well with a hand blender till the mixture is smooth.
Add the cardamom, nutmeg and saffron milk. Mix well.
The mixture will catch the saffron colour after a while. Can either sprinkle the nuts on top or mix it into the shrikhand. Whichever you prefer.
Chill for at least 30 minutes before serving.
Tastes best when it is cold, just out of the fridge.