Wash and soak dal and rice separately. Soak at least for 20-30 mins.
Chop onions roughly and ginger finely.
Switch on the SAUTE mode of Instant Pot on HIGH, when the display shows HOT, add cumin seeds and asafoetida. Add the bay leaf, cinnamon stick, cloves and peppercorns.
When the seeds crackle, add onions and finely chopped ginger. I have added whole green chillies , you can chop it finely. Saute till onions turn pink.
Add garam masala, chilli powder mix well. Add to the onion masala. Add water around 1.5 cup.
Cancel the SAUTE mode, keep the cover and lock it, Switch on the PRESSURE COOKER mode, Set the timer for 5 minutes. Once the timer goes off, release the pressure manually(QRP).
Add rice,, salt and fresh coriander /cilantro leaves, Mix well and again set the PRESSURE COOK mode on for 4 minutes. Add more water if required. As we have already added water while cooking dal, so add water as required.
Once the timer goes off, quick release pressure, fluff rice lightly with fork, add some more finely chopped coriander leaves and serve hot.