Command similar to "touch" for modify File size

Hi All,
I'm trying to find a command like similar to "touch" which would let me change the file size property.
For ex: I have a file of size 1MB using the command i would like to set/update the size something like 1KB.
Is it possible? Is there any such command which would accomplish this task for me? Kindly suggest.

Regards,
Harsha

if you are not concerned about the contents of file, overwrite the file (of 1 MB in your case) with a different file having the required size (1KB in your case)

Exactly, Yogesh.

To expand a bit on this: if you want to keep the inode number, but don't care about the content use dd:

dd if=/dev/zero of=/your/file bs=<nr of bytes the file should have> count=1

bakunin

this helps to change the size of a file to 1 KB:

dd if=/dev/zero of=hollow_and_empty bs=1024 count=1

dd --help for more info