Hi Sabita,
the wait time only applies, when users try to change their passwords more than once a day. A pssaword can be set administrativly more than once a day and then a change is also always possible. However the user can not set his password to one of the last passwords used.
Can you therefor specify the error message your users do get? I would guess that changing the password_wait_time will not help, unless the password reset by GRC is configured to set a user password directly.
Regards,
Patrick