In response to: "I am using NI-IMAQ for IEEE 1394 Version 2.0.1 and VBAI Version 2.6.1. Do let me know if these are latest ones? Because i was told they are."
Currently, you do have the most recent version of VBAI, which at the time of this post is 2.6.1. Also at the time of this post, the most recent version of the NI-IMAQ for IEEE 1394 is version 2.0.2 which comes with the Vision Acquisition package. You can find and download this Vision Acquisition software if you go to the following FTP site: ftp://ftp.ni.com/support/imaq/pc/vision_acquisition/VisionAcq800/.
Good luck with you applications. Have a great day.