Even though I had disabled the temporary internet files setting in the java control panel as shown below, my jnlp application will still not pick up the latest changes. This is a common issue faced by java web start application developers and becomes quite annoying if changes are not getting reflected. javaws -uninstall is an useful command related to java web start which clears up the cache for you and you need not struggle with deleting the jar files in the %temp% or other folders.
Command for deleting Java Web Start Cache
javaws -uninstall
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