Preheat the oven at 180°C. Arrange the bread slices in the baking dish and keep it aside. Boil milk,sugar and margarine in a non stick pan.
Meanwhile beat the egss along with vanilla essence and nutmeg powder.Gradually add the milk to the egg mixture ang mix well.
Pour the mixture on the bread mixture and sprinkle the raisins on top of it. Bake for twenty to twenty-five minutes in the oven.Remove and serve warm.