Setu,
Indeed, this is quite puzzling. I have a few items to try. To use the DAQmx Create Virtual Channel.vi, your chassis needs to be verified under "NI-DAQmx Devices" (NOT Traditional NI-DAQ Devices) in MAX. Once you have confirmed that, the "physical channels" input should self-populate with a list of available channels. Check the filtering of the names if it does not show up. Hope this helps.