Nah, it was scrapped ages ago. Now the same rules apply as for example throw ins or free kicks, ie no set time limit.
Heard a goalkeeper saying that once he had been booked for time wasting he would just keep doing it because there was 0% chance of the ref giving him a second yellow and sending him off for time wasting. Maybe he's right, I don't know if I've ever heard of someone being sent off for it?