The ceremony involved traditional last lowering of the ensign and commissioning pendents with playing of 'last post', an official release said.
"INS Veer was the first ship of the 1241 RE class missile vessels. INS Veer and Nipat are the first two of this class to be decommissioned. Now eight ships of this category will remain," it said.
The ships played a significant role as the guardian of International Maritime Borderline off west coast of India and were extensively deployed during the Operations Vijay and Parakram.
Ex-Commanding Officers of the ship as well as senior officers of the Western Naval Command also graced the occasion.