Protecting NPN transistor from negative base-emitter voltage?
The diode is in the best position, and is of an appropriate type. 

It conducts when the input is negative, the same as the transistor base conducting when the input is positive. The 47K resistor is about 1/10 of a normal RS-232 load. One could also block the voltage, but then a -100V spike (ESD say) could break down the 1N4148 and break down the E-B junction, causing irreversible damage. 

Also, a 1N4148 is an appropriate diode for this application. It's a "switching diode", low capacitance and fast reverse recovery. A 1N4001 would also likely work okay, at least at slow baud rates. The 200mA rating means that even if a very high voltage were to appear at the input the transistor is fully protected, at least up until the resistor arcs over,.