diff --git a/qa/rpc-tests/importmulti.py b/qa/rpc-tests/importmulti.py
index 015336eff..b6a533502 100755
--- a/qa/rpc-tests/importmulti.py
+++ b/qa/rpc-tests/importmulti.py
@@ -314,6 +314,7 @@ class ImportMultiTest (BitcoinTestFramework):
         self.nodes[1].generate(100)
         transactionid = self.nodes[1].sendtoaddress(multi_sig_script['address'], 10.00)
         self.nodes[1].generate(1)
+        timestamp = self.nodes[1].getblock(self.nodes[1].getbestblockhash())['mediantime']
         transaction = self.nodes[1].gettransaction(transactionid)
 
         print("Should import a p2sh with respective redeem script and private keys")
@@ -409,6 +410,24 @@ class ImportMultiTest (BitcoinTestFramework):
         assert_equal(address_assert['ismine'], False)
         assert_equal('timestamp' in address_assert, False)
 
+
+        # Importing existing watch only address with new timestamp should replace saved timestamp.
+        assert_greater_than(timestamp, watchonly_timestamp)
+        print("Should replace previously saved watch only timestamp.")
+        result = self.nodes[1].importmulti([{
+            "scriptPubKey": {
+                "address": watchonly_address,
+            },
+            "timestamp": "now",
+        }])
+        assert_equal(result[0]['success'], True)
+        address_assert = self.nodes[1].validateaddress(watchonly_address)
+        assert_equal(address_assert['iswatchonly'], True)
+        assert_equal(address_assert['ismine'], False)
+        assert_equal(address_assert['timestamp'], timestamp)
+        watchonly_timestamp = timestamp
+
+
         # restart nodes to check for proper serialization/deserialization of watch only address
         stop_nodes(self.nodes)
         self.nodes = start_nodes(2, self.options.tmpdir)
diff --git a/src/wallet/rpcdump.cpp b/src/wallet/rpcdump.cpp
index 182a62cbb..218a8aefb 100644
--- a/src/wallet/rpcdump.cpp
+++ b/src/wallet/rpcdump.cpp
@@ -745,7 +745,7 @@ UniValue ProcessImport(CWallet * const pwallet, const UniValue& data, const int6
 
             pwallet->MarkDirty();
 
-            if (!pwallet->HaveWatchOnly(redeemScript) && !pwallet->AddWatchOnly(redeemScript, timestamp)) {
+            if (!pwallet->AddWatchOnly(redeemScript, timestamp)) {
                 throw JSONRPCError(RPC_WALLET_ERROR, "Error adding address to wallet");
             }
 
@@ -762,7 +762,7 @@ UniValue ProcessImport(CWallet * const pwallet, const UniValue& data, const int6
 
             pwallet->MarkDirty();
 
-            if (!pwallet->HaveWatchOnly(redeemDestination) && !pwallet->AddWatchOnly(redeemDestination, timestamp)) {
+            if (!pwallet->AddWatchOnly(redeemDestination, timestamp)) {
                 throw JSONRPCError(RPC_WALLET_ERROR, "Error adding address to wallet");
             }
 
@@ -855,7 +855,7 @@ UniValue ProcessImport(CWallet * const pwallet, const UniValue& data, const int6
 
                 pwallet->MarkDirty();
 
-                if (!pwallet->HaveWatchOnly(pubKeyScript) && !pwallet->AddWatchOnly(pubKeyScript, timestamp)) {
+                if (!pwallet->AddWatchOnly(pubKeyScript, timestamp)) {
                     throw JSONRPCError(RPC_WALLET_ERROR, "Error adding address to wallet");
                 }
 
@@ -873,7 +873,7 @@ UniValue ProcessImport(CWallet * const pwallet, const UniValue& data, const int6
 
                 pwallet->MarkDirty();
 
-                if (!pwallet->HaveWatchOnly(scriptRawPubKey) && !pwallet->AddWatchOnly(scriptRawPubKey, timestamp)) {
+                if (!pwallet->AddWatchOnly(scriptRawPubKey, timestamp)) {
                     throw JSONRPCError(RPC_WALLET_ERROR, "Error adding address to wallet");
                 }
 
@@ -947,7 +947,7 @@ UniValue ProcessImport(CWallet * const pwallet, const UniValue& data, const int6
 
                 pwallet->MarkDirty();
 
-                if (!pwallet->HaveWatchOnly(script) && !pwallet->AddWatchOnly(script, timestamp)) {
+                if (!pwallet->AddWatchOnly(script, timestamp)) {
                     throw JSONRPCError(RPC_WALLET_ERROR, "Error adding address to wallet");
                 }