Soak 15-20 strands of saffron in 2 tablespoon warm milk for 3-4 hours.
Keep a fine mesh strainer over a bowl and line it with a muslin cloth, paper towels, or a cheesecloth. There should be some gap between bottom of the bowl and the bottom of the strainer for the liquid to collect.
Add plain yogurt to the strainer and cover the yogurt with the cloth hanging on the side. Keep the bowl in the refrigerator for 5-6 hours or overnight to drain.
The excess liquid will drip down in the bowl and you will be left with thick creamy yogurt called chakka.
Transfer the thickened yogurt to a mixing bowl.
Add powdered sugar, ground cardamom, and saffron soaked in milk and whisk using a wire whisk until combined and creamy.
Chill the shrikhand for 2-3 hours for the flavors to mingle well. Transfer it to the serving bowls and garnish with slivered dry fruits. Serve!