Error:/etc/init.d/iptables: line 268: restorecon: command not found

Today i was getting the following error while trying to save iptables service option.

Error details:

[root@server]# service iptables save
iptables: Saving firewall rules to /etc/sysconfig/iptables: /etc/init.d/iptables: line 268: restorecon: command not found
                                                           [FAILED]

To resolve this error:

yum install policycoreutils

The above installation will solve the error with iptables-save option.