I have come across strange issue when trying to save iptables rules. I received the following error.
service iptables save
iptables: Saving firewall rules to /etc/sysconfig/iptables: /etc/init.d/iptables: line 274: restorecon: command not found.
You need to install policycoreutils package to fix the same.
yum install policycoreutils
and now you will be able to save iptables rules.