Yes. You can take the GRE to apply to SOME business schools
but NOT ALL. To know which universities accept the GRE for the B school
applications, you better get in touch with a good GRE coaching center.
The reason behind this change is because the GMAT proved to
be too difficult for a lot of business school aspirants to do perform well in.
Which also happens to be one of the reasons why the GMAC changed the format of
the new GMAT by making it shorter and allowing test takers to choose which
section they wish to attempt.
Now, a lot of MBA universities currently do accept the GRE
as a valid competitive exam as part of your B school application, however there
is an unacknowledged regard for those who take the GMAT and do well in it.
The GMAT has historically been a harder exam than the GRE
but that difference has been bridged to a great extent with the new changes
brought about to the GMAT.