One other thing you can try b/4 upgrading to NI-DAQmx 7.3. In MAX, create a task and add your global channel to it. Test this in MAX. If it's ok, then in LV try wiring the task directly to the Read VI. Let me know if this works.
BTW, you can wire a global channel directly to the Read VI too. You don't have to explicity create a task and destroy the task using the create/clear task VIs. If you wire a global channel into the task input of the Read VI (or the timing or triggering VIs), LV and DAQ automatically create a task for you out of the global channel (using defaul timing, just as if you'd called create task yourself) and then clears it when the top VI in the heirarchy goes idle.
BTW2, VIs saved in LV 7.1 cannot be opened in LV 7.0, so T Sreedhar's failure
to do so has nothing to do with the problem you are having and has nothing to do with NI-DAQmx 7.2 being installed.
Deborah