To prepare the saffron cake, in a bowl, mix together the dry ingredients.
In another bowl, cream the condensed milk, lemon juice, melted ghee, sugar and milk.
Mash the paneer well into a coarse paste in a small bowl and whisk it into the wet ingredients.
Add the dry ingredients to the wet ingredients and mix gently until well combined.
Divide this into two halves. Add kewra water to one half and Kesari Saffron Powder in the other and combine each of them well.
Grease a small sized loaf tin (7" x 3") with melted ghee and line the bottom with a piece of parchment paper. Now we have two batters - one white and one yellow.
Using two separate spoons, spoon the batter alternately into the loaf tin, so that we have a alternating squares of white and yellow, until all the batter is used up. Using a skewer or toothpick, swirl the batter in the tin into a few circles.
Bake in a preheated oven at 180°C for 25 minutes or until a skewer comes out clean. Remove from oven, allow to cool in pan for 10 minutes. Remove cake from pan and cool on a wire rack for 30 minutes.
Whisk together icing sugar and milk and spoon it over the loaf. Cut into slices and serve with a cup of tea or coffee.