Dear Ritesh Parekh & aarons3026,
If u find any new rule that make you eligible for applying, you can of course apply afresh.
Your old application's status will not change unless,,,,,,,,,,,(coming to aarons3026 query as well)
- you get a Job Offer & AEO (as per the rules specified). If you get a Job Offer & AEO, you can update ur file with the same & ur OLD file will be put into fast track assessment category.
Hope that suffices!!
Good Luck!!!!!!!!!!