Chill the bowl and the beaters for at least 24 hours in the freezer. This helps to whip the cream well and quickly. Chill the cream in the refrigerator (not freezer).
Incorporate custard powder into the milk to make a lump-free and smooth slurry. Keep this aside.
Heat milk in a pot on a medium flame and add sugar. Stir well until it dissolves.
Pour the custard milk slurry in 2 to 3 batches. Keep stirring the milk often in between after every addition to make sure it is smooth and free of lumps.
Continue to boil the milk on a medium flame stirring consistently until the mixture turns thick and coats the back of the spoon.
Set this aside to cool completely.
Pour the chilled cream to the cold bowl and begin to whip it until stiff peaks.
Whisk the cooled custard well to breakdown and any lumps. The custard has to be smooth and silky. If it has turned too thick you can add little milk and whisk it well.
Add the vanilla extract and transfer the custard to the whipped cream. Tip: If you find it grainy, pass it through a strainer.
Mix everything well again either with a spatula or with the hand mixer. The mixture will be of thick pouring consistency.
Transfer to a chilled metal ice cream pan. Place a cling wrap over the ice cream to remove any air trapped.
Cover and freeze until set. It usually takes 12 to 15 hours.
Scoop custard ice cream and serve. Garnish with cherries or chopped pistas or melted chocolate.