Heat oil in a large pan. Put the cinnamon, cloves & bay leaves and fry. When it turns brown add ginger, garlic paste and fry for few minutes. Then add the onions and fry until it becomes soft. Add tomatoes and fry for a few seconds. Then add turmeric, chili, garam masala powders & salt. Mix well. Close the pan and turn the heat to very low. Stir occasionally. Let this cook for about 10 minutes. Remove from heat. Add cooked rice & cashew nuts and mix well until the rice is evenly coated with the masala.