Foreign exchange difference

Any one please suggest me regarding difference arising on long term foreign currency monetary items can be capitalised under paragraph 46(A) of AS-11, Can any entity  exercise this option for the first time (i.e., from01.04.2011)?.

If not, what does the word  "at the option of any other entity" under paragraph 46(A) of Notification dated 29th Dec,2011 (Notification attached)

Thanks in Advance...