diff --git a/qa/rpc-tests/import-rescan.py b/qa/rpc-tests/import-rescan.py
index e683df26d..8f60e63e2 100755
--- a/qa/rpc-tests/import-rescan.py
+++ b/qa/rpc-tests/import-rescan.py
@@ -33,6 +33,7 @@ def call_import_rpc(call, data, address, scriptPubKey, pubkey, key, label, node,
             "scriptPubKey": {
                 "address": address
             },
+            "timestamp": "now",
             "pubkeys": [pubkey] if data == Data.pub else [],
             "keys": [key] if data == Data.priv else [],
             "label": label,
diff --git a/qa/rpc-tests/importmulti.py b/qa/rpc-tests/importmulti.py
index e100a3af9..b4d4b6c5b 100755
--- a/qa/rpc-tests/importmulti.py
+++ b/qa/rpc-tests/importmulti.py
@@ -52,7 +52,8 @@ class ImportMultiTest (BitcoinTestFramework):
         result = self.nodes[1].importmulti([{
             "scriptPubKey": {
                 "address": address['address']
-            }
+            },
+            "timestamp": "now",
         }])
         assert_equal(result[0]['success'], True)
         address_assert = self.nodes[1].validateaddress(address['address'])
@@ -65,6 +66,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         result = self.nodes[1].importmulti([{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "internal": True
         }])
         assert_equal(result[0]['success'], True)
@@ -76,7 +78,8 @@ class ImportMultiTest (BitcoinTestFramework):
         print("Should not import a scriptPubKey without internal flag")
         address = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         result = self.nodes[1].importmulti([{
-            "scriptPubKey": address['scriptPubKey']
+            "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
         }])
         assert_equal(result[0]['success'], False)
         assert_equal(result[0]['error']['code'], -8)
@@ -93,6 +96,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": address['address']
             },
+            "timestamp": "now",
             "pubkeys": [ address['pubkey'] ]
         }])
         assert_equal(result[0]['success'], True)
@@ -106,6 +110,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         request = [{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "pubkeys": [ address['pubkey'] ],
             "internal": True
         }]
@@ -120,6 +125,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         request = [{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "pubkeys": [ address['pubkey'] ]
         }]
         result = self.nodes[1].importmulti(request)
@@ -137,6 +143,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": address['address']
             },
+            "timestamp": "now",
             "keys": [ self.nodes[0].dumpprivkey(address['address']) ]
         }])
         assert_equal(result[0]['success'], True)
@@ -151,6 +158,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": address['address']
             },
+            "timestamp": "now",
             "keys": [ self.nodes[0].dumpprivkey(address['address']) ],
             "watchonly": True
         }])
@@ -166,6 +174,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         result = self.nodes[1].importmulti([{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "keys": [ self.nodes[0].dumpprivkey(address['address']) ],
             "internal": True
         }])
@@ -179,6 +188,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         result = self.nodes[1].importmulti([{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "keys": [ self.nodes[0].dumpprivkey(address['address']) ]
         }])
         assert_equal(result[0]['success'], False)
@@ -203,7 +213,8 @@ class ImportMultiTest (BitcoinTestFramework):
         result = self.nodes[1].importmulti([{
             "scriptPubKey": {
                 "address": multi_sig_script['address']
-            }
+            },
+            "timestamp": "now",
         }])
         assert_equal(result[0]['success'], True)
         address_assert = self.nodes[1].validateaddress(multi_sig_script['address'])
@@ -229,6 +240,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": multi_sig_script['address']
             },
+            "timestamp": "now",
             "redeemscript": multi_sig_script['redeemScript']
         }])
         assert_equal(result[0]['success'], True)
@@ -253,6 +265,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": multi_sig_script['address']
             },
+            "timestamp": "now",
             "redeemscript": multi_sig_script['redeemScript'],
             "keys": [ self.nodes[0].dumpprivkey(sig_address_1['address']), self.nodes[0].dumpprivkey(sig_address_2['address'])]
         }])
@@ -277,6 +290,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": multi_sig_script['address']
             },
+            "timestamp": "now",
             "redeemscript": multi_sig_script['redeemScript'],
             "keys": [ self.nodes[0].dumpprivkey(sig_address_1['address']), self.nodes[0].dumpprivkey(sig_address_2['address'])],
             "watchonly": True
@@ -294,6 +308,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": address['address']
             },
+            "timestamp": "now",
             "pubkeys": [ address2['pubkey'] ]
         }])
         assert_equal(result[0]['success'], False)
@@ -310,6 +325,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address2 = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         request = [{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "pubkeys": [ address2['pubkey'] ],
             "internal": True
         }]
@@ -330,6 +346,7 @@ class ImportMultiTest (BitcoinTestFramework):
             "scriptPubKey": {
                 "address": address['address']
             },
+            "timestamp": "now",
             "keys": [ self.nodes[0].dumpprivkey(address2['address']) ]
         }])
         assert_equal(result[0]['success'], False)
@@ -346,6 +363,7 @@ class ImportMultiTest (BitcoinTestFramework):
         address2 = self.nodes[0].validateaddress(self.nodes[0].getnewaddress())
         result = self.nodes[1].importmulti([{
             "scriptPubKey": address['scriptPubKey'],
+            "timestamp": "now",
             "keys": [ self.nodes[0].dumpprivkey(address2['address']) ],
             "internal": True
         }])
@@ -356,5 +374,18 @@ class ImportMultiTest (BitcoinTestFramework):
         assert_equal(address_assert['iswatchonly'], False)
         assert_equal(address_assert['ismine'], False)
 
+        # Bad or missing timestamps
+        print("Should throw on invalid or missing timestamp values")
+        assert_raises_message(JSONRPCException, 'Missing required timestamp field for key',
+            self.nodes[1].importmulti, [{
+                "scriptPubKey": address['scriptPubKey'],
+            }])
+        assert_raises_message(JSONRPCException, 'Expected number or "now" timestamp value for key. got type string',
+            self.nodes[1].importmulti, [{
+                "scriptPubKey": address['scriptPubKey'],
+                "timestamp": "",
+            }])
+
+
 if __name__ == '__main__':
     ImportMultiTest ().main ()
diff --git a/src/wallet/rpcdump.cpp b/src/wallet/rpcdump.cpp
index 7d4ed70ed..4674c95bf 100644
--- a/src/wallet/rpcdump.cpp
+++ b/src/wallet/rpcdump.cpp
@@ -640,7 +640,8 @@ UniValue dumpwallet(const JSONRPCRequest& request)
 }
 
 
-UniValue processImport(const UniValue& data) {
+UniValue ProcessImport(const UniValue& data, const int64_t timestamp)
+{
     try {
         bool success = false;
 
@@ -659,7 +660,6 @@ UniValue processImport(const UniValue& data) {
         const bool& internal = data.exists("internal") ? data["internal"].get_bool() : false;
         const bool& watchOnly = data.exists("watchonly") ? data["watchonly"].get_bool() : false;
         const string& label = data.exists("label") && !internal ? data["label"].get_str() : "";
-        const int64_t& timestamp = data.exists("timestamp") && data["timestamp"].get_int64() > 1 ? data["timestamp"].get_int64() : 1;
 
         bool isScript = scriptPubKey.getType() == UniValue::VSTR;
         bool isP2SH = strRedeemScript.length() > 0;
@@ -958,6 +958,20 @@ UniValue processImport(const UniValue& data) {
     }
 }
 
+int64_t GetImportTimestamp(const UniValue& data, int64_t now)
+{
+    if (data.exists("timestamp")) {
+        const UniValue& timestamp = data["timestamp"];
+        if (timestamp.isNum()) {
+            return timestamp.get_int64();
+        } else if (timestamp.isStr() && timestamp.get_str() == "now") {
+            return now;
+        }
+        throw JSONRPCError(RPC_TYPE_ERROR, strprintf("Expected number or \"now\" timestamp value for key. got type %s", uvTypeName(timestamp.type())));
+    }
+    throw JSONRPCError(RPC_TYPE_ERROR, "Missing required timestamp field for key");
+}
+
 UniValue importmulti(const JSONRPCRequest& mainRequest)
 {
     // clang-format off
@@ -970,13 +984,17 @@ UniValue importmulti(const JSONRPCRequest& mainRequest)
             "  [     (array of json objects)\n"
             "    {\n"
             "      \"scriptPubKey\": \"<script>\" | { \"address\":\"<address>\" }, (string / json, required) Type of scriptPubKey (string for script, json for address)\n"
+            "      \"timestamp\": timestamp | \"now\"                        , (integer / string, required) Creation time of the key in seconds since epoch (Jan 1 1970 GMT),\n"
+            "                                                              or the string \"now\" to substitute the current synced blockchain time. The timestamp of the oldest\n"
+            "                                                              key will determine how far back blockchain rescans need to begin for missing wallet transactions.\n"
+            "                                                              \"now\" can be specified to bypass scanning, for keys which are known to never have been used, and\n"
+            "                                                              0 can be specified to scan the entire blockchain.\n"
             "      \"redeemscript\": \"<script>\"                            , (string, optional) Allowed only if the scriptPubKey is a P2SH address or a P2SH scriptPubKey\n"
             "      \"pubkeys\": [\"<pubKey>\", ... ]                         , (array, optional) Array of strings giving pubkeys that must occur in the output or redeemscript\n"
             "      \"keys\": [\"<key>\", ... ]                               , (array, optional) Array of strings giving private keys whose corresponding public keys must occur in the output or redeemscript\n"
             "      \"internal\": <true>                                    , (boolean, optional, default: false) Stating whether matching outputs should be be treated as not incoming payments\n"
             "      \"watchonly\": <true>                                   , (boolean, optional, default: false) Stating whether matching outputs should be considered watched even when they're not spendable, only allowed if keys are empty\n"
             "      \"label\": <label>                                      , (string, optional, default: '') Label to assign to the address (aka account name, for now), only allowed with internal=false\n"
-            "      \"timestamp\": 1454686740,                                (integer, optional, default now) Timestamp\n"
             "    }\n"
             "  ,...\n"
             "  ]\n"
@@ -1015,6 +1033,12 @@ UniValue importmulti(const JSONRPCRequest& mainRequest)
     LOCK2(cs_main, pwalletMain->cs_wallet);
     EnsureWalletIsUnlocked();
 
+    // Verify all timestamps are present before importing any keys.
+    const int64_t now = chainActive.Tip() ? chainActive.Tip()->GetBlockTime() : 0;
+    for (const UniValue& data : requests.getValues()) {
+        GetImportTimestamp(data, now);
+    }
+
     bool fRunScan = false;
     const int64_t minimumTimestamp = 1;
     int64_t nLowestTimestamp = 0;
@@ -1028,7 +1052,8 @@ UniValue importmulti(const JSONRPCRequest& mainRequest)
     UniValue response(UniValue::VARR);
 
     BOOST_FOREACH (const UniValue& data, requests.getValues()) {
-        const UniValue result = processImport(data);
+        const int64_t timestamp = std::max(GetImportTimestamp(data, now), minimumTimestamp);
+        const UniValue result = ProcessImport(data, timestamp);
         response.push_back(result);
 
         if (!fRescan) {
@@ -1041,8 +1066,6 @@ UniValue importmulti(const JSONRPCRequest& mainRequest)
         }
 
         // Get the lowest timestamp.
-        const int64_t& timestamp = data.exists("timestamp") && data["timestamp"].get_int64() > minimumTimestamp ? data["timestamp"].get_int64() : minimumTimestamp;
-
         if (timestamp < nLowestTimestamp) {
             nLowestTimestamp = timestamp;
         }