In a saucepan, bring 1 cup of milk to a boil, stir in rice, raisins and butter, Cover and cook until milk is absorbed. Combine pudding and 2 cups of milk along with cinnamon and nutmeg; stir until mixture thickens. Add to rice and raisin mixture. Spoon into serving bowls and sprinkle with cinnamon. Serve warm or chilled.