Thanks for your answer Dan, one issue has certainly been taken care of, what is bothering me now is that the potential difference of 24V between the signal and board ground might hurt the board, NI specifies a max limit of 2.5V and certainly NI cannot make a board which is not compatible with the proximity probe(-24V power supply norm), since this board is meant to be used with proximity probes, accelerometers etc.
Looking forward to your reply.
Thanks,
Vishal