Shoppersstop.com — Not refunding money in my bank account after returning the product

Address:

Shoppers stop ltd,Fun republic mall,gomti nagar,Lucknow,Uttar Pradesh - 226010

My fiancée purchased Fossil Gen 5E smartwatch worth 18495/-INR from shoppers stop on 11/08/2021. However after making the purchase, we regretted making the purchase as it was not an informed decision by us and nor a great suggestion by their salesman.
I went to return the watch in original sealed untouched packing condition on 17/08/2021, to my surprise they said they don't have any refund policy and only do exchange, but arguing for 30 mins they said they only issue refund as credit note which can only be used at shoppers stop ltd stores.

I told them if i am returning the product in original saleable condition then i should get my money in actual cash or in my bank account so that i can use it at my will since it is my money.

But they explicitly denied my request and embarrassed me.
I feel this is an unfair/ restrictive trade practices or unscrupulous exploitation of consumers and is direct violation of consumer protection act.

Since they were adamant on refund as credit note and i did not wanted any further embarrassment i agreed to get the refund as credit note.

Now i feel cheated as they have the original product and my money as well, and all i have is a credit note for 18495/- INR which i am forced to spend only at shoppers stop even though they don’t have anything of my interest.

I do not consider this as refund after return as anyhow i am being forced to buy products from shoppers stop in the name of credit note. i want my money in my bank account. Please help me with this atrocity.