Soak the dal for 3-4 hours.
Drain the water, cook the dal in a pressure cooker with 2 cups of water. Just 1 whistle I would reckon. (Care needs to be taken that the dal does not become too mushy.) Keep aside.
Heat oil in a deep bottomed pan, when smoking hot, add the paanchforon, red chillies and green chilies. Allow to splutter.
Now dissolve the turmeric powder in a little water, add to the pan. Saute for a minute or so.
Carefully pour in the boiled dal, bring to a simmer.
Add salt. Check the consistency of the dal, it should not be too runny, neither too thick, if needed, add some warm water to get the consistency right.
Serve hot with rice.