Soak saffron in a few spoons of milk for about 5 minutes. In a heavy-bottomed pan, bring the milk to a boil over medium heat, stirring constantly. Add the soaked basmati rice and cook until soft and absorbed, about 15-20 minutes. Stir in condensed milk, cardamom powder, and saffron-infused milk until thickened. Cool to room temperature and chill for at least 1 hour.

Roll the chilled kheer into equal-sized balls, pressing firmly to keep them intact. Set aside in the fridge.

Whisk together cornstarch and water in a small bowl to form a slurry. Grind panko breadcrumbs and mix in a pinch of extra cardamom powder. Dip each kheer ball into the cornstarch slurry, then roll in the panko mixture.

Heat oil in a deep pan over medium-high heat. Fry arancini balls in batches until golden brown, about 3-4 minutes. Maintain an even cooking temperature.

In a saucepan, heat cream and a splash of milk, then gradually add chopped white chocolate until melted and smooth. Stir in cardamom and saffron.

Serve arancini warm or chilled, drizzled with chocolate sauce and garnished with pistachios and rose petals.