Karewas are unique geological formations found in the Kashmir Valley region. Let`s analyze each statement to understand which ones are correct.

Statement 1: "These are the lacustrine deposits of the Pleistocene period."

This statement is correct. Karewas are indeed lacustrine deposits, which means that they were formed from sediment accumulation in ancient lakes. The Karewas in Kashmir are believed to have been formed during the Pleistocene period, which lasted from about 2.6 million years ago to 11,700 years ago.

Statement 2: "These are found along the lower slopes of Pir Panjal."

This statement is incorrect. Karewas are not limited to the lower slopes of Pir Panjal alone but are found throughout the Kashmir Valley. The Pir Panjal range does have some Karewas, but they are also present in other areas of the valley.

Statement 3: "Karewas are well known for the cultivation of saffron, almond, and walnut."

This statement is correct. Karewas have fertile soil that is suitable for cultivation, and they are indeed well-known for the cultivation of saffron, almond, and walnut. Saffron cultivation, in particular, is highly associated with Karewas in Kashmir.

Based on our analysis