Wash long grain basmati rice 2-3 times with water. Let it soak for 20-30 minutes.
Put Instant Pot on saute mode, if using Indian style pressure cooker, place it on a stove top with medium heat.
Add 2 tbsp of oil and 2 tbsp of salted butter in IP and let the butter melt.
Add in 1 tsp of cumin seeds, stir and cook for few second until it forms aroma.
Add in finely chopped onion, green pepper, white part of scallions, serrano, cilantro stem and 2 tbsp of minced garlic with 1 tsp of salt. Mix it all well and let it cook for couple of minutes, or until raw smell of garlic is gone. Do not brown/burn it.
Then add in chopped tomatoes, stir and cook for a minute.
Add in all dry spiced listed above along with 1 additional tsp of salt (makes total of 2 tsp of salt by now). Mix well, let it cook for a minute while stirring once or twice during this step.
Add in thawed green peas (without any water) and cubed paneer. Mix well.
Drain all the water from soaked rice and add it to IP. Give it a quick gentle stir and then add in 1¾ cups of water. Mix well and bring it to simmer.
Once simmering, squeeze in small ½ lemon. Then rub ½ tsp of kasuri methi between your palms and add it into IP. Stir it all well.
Close IP and set valve to sealing. Put IP on high pressure for 5 minutes. Once the timer goes off for 5 minute cooking time, let the pressure release naturally for 5 minutes then manually release rest of the pressure.
If using Indian style pressure cooker, everything remains same as above, once water starts to simmer, close the lid and do 2 whistles. Take it off the stove and let the pressure release all the way naturally.
Simply server it with boondi raita (details in notes below) and sliced cucumber.