How Long can a Goalkeeper Hold the Ball with his Hands?

Since the recent changes in FIFA Football Rules, referees now have some extra mandatory instructions. They must not allow the goalkeeper to take more than four (4) steps while holding the ball. This regulation is a stipulation of FIFA Law 12 in the codified FA rulings.

What happens if a goalie holds the ball for more than 5 or 6 seconds? It can get adjudged as time-wasting by the official. As a rule, it will result in an indirect free kick to the opponents.